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Cost-based Methods - Indirect Opportunity Cost
This method is used when individual labour is involved in harvesting or collecting the natural resource. A basic assumption is that capital requirement for such a job is minimal. For example, for gathering &el wood in forests individuals need to spend time and do not need much capital. The opportunity cost of such time spent could be considered as the value of the environmental resource under consideration.
The pitfall of this method is that the value of environment obtained bears no relationship with its cost of production. The value of fuel wood, if taken to be its gathering cost only, then it assumes that cost of production of fuel wood is zero. Secondly, in many cases fuel wood gathering is a subsidiary activity; farmers on their way back home may collect some fuel wood. In such cases it involves joint production (farm output and fuel wood) and separating labour cost of fuel wood is arbitrary.
Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output. What is the p
Our economic systems are of this type and share for general properties. a) Dissipative systems transform energy and process information to maintain a state of organization that
reallocation of the resources from 1 efficient point to another efficient point that cause the production of x increase and production of y decrease hold the condition of contrect
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Sustainability, more recently referred to as ‘sustainable development', came from the idea of integrating economic development and environmental protection. The concept is based on
The purpose of this assignment is to provide you an opportunity to enhance your skills related to use of APA format to cite references and selection of research articles most relev
.thoery of cost.
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