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Question:
(a) Using an example, differentiate between private, social and external costs and benefits.
(b) With the use of a diagram, describe the difference between profit maximizing level of output and socially desirable level of output in the presence of negative externality.
(c) Describe and determine the methods that the public and private sectors attempt to deal with negative externalities.
(d) Using appropriate examples, differentiate between merit and public goods.
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women en
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Revenue and Profit Maximization: Whenever a good is produced, the individual firm which has produced incurs costs which are are referred to as private costs and the society in
How does the BLS classify people who are "not in the labor force," and what people are often in this category? If an individual surveyed (that is, who is age 16 or over and no
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1. An investment in flood control infrastructure today will generate $1,000,000 in benefits 10 years from today. Using a 3% discount rate what is the present value of these benefi
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
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A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least c
what is market economy and how it solve the central problem
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