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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.
discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
Definition of Pareto Optimal Allocation
1. Nonwage Determinants of Labor Supply Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value wor
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
What is Hybridization? Atomic orbitals can be combined, in a process called hybridization in chemistry , to describe the bonding in polyatomic molecules. Descriptions of the b
Consumer Preferences Indifference curves represent all the combinations of market baskets which provide the same level of contentment to the person. Consumer Preferences
1. Suppose that there is a credit market imperfection because of asymmetric information. In the economy, there are N consumers. A fraction b of consumers consists of lenders, who e
what are the values of real money supply and the current price level
causes and effect of the unemployment
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