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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.
What is use of analytical tools in the modern economics? Analytical Tools: Modern economics also gives different powerful analytical tools which are usually specified by geo
An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa
Question 1: (a) Clearly illustrate the features of a perfectly competitive firm. (b) How would the same industry change if it were organized first as a competitive industr
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a down
Performance of Public Sector Enterprises: Data reveal that the performance of the much-maligned public enterprises has shown a distinct improvement during the last 9 years. Gr
Yao''s weekly demand for basketballs is given by Qd = 3-P^2 where P is the price of basketballs. At the current price, Yao''s demand for basketballs is unit elastic. What is the cu
Aggregate Demand When referred to in the circumstance of GNP or GDP, aggregate demand dealings the sum of what is spent by various parties in the United States for product and
Ask question what is frugal economy
detail of consumer surplus with examples
Q. What is Unit Labour Cost? Unit Labour Cost: How much an employer pays for labour needed to produce each unit of a good or service. Unit labour cost can be computed by dividi
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