Define social benefit.

Q: Describe the benefit-cost ratio?

A: Benefit cost ratio is described as a ratio used in cost benefit analysis to sum up the general…

Q: Are all efficient outcomes also equitable? explain.

A: Economic Efficiency is defined as when all the resources that are scarce are evenly used and…

Q: Most economists discuss market failure in the context of: a. efficiency. b. fairness. C. neither…

A: Market failure is a situation of the economy that is being defined by an inefficient service and…

Q: Explain which of the following cases are classified as (A, B, C, or D) : (A) Negative Externality…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: concepts of Market actions and its implications.

A: Market action: Market action refers to that market that reflects all relevant information and…

Q: Define externalities. Also give an example of a negative externality

A: # Sometimes, some third person experience the effects of activities which is taking place between…

Q: How does an externality indicate market failure?

A:

Q: theory of external economies a

A: External economies of scale occur when an entire industry grows faster & firms get benefitted…

Q: The Marginal Benefit is zero when the Total Benefit curve is at its maximum. True or False

A: Marginal Benefit (MB): - it is the additional benefit derived from the consumption of additional…

Q: What is market reform and individual preferences,

A:

Q: In the context of energy supply, describe how the existence of a negative production externality may…

A: When the production of goods and services causes harmful effect on the third party, individual or…

Q: The good produced emits toxic waste to a nearby river. Eco nists ēs mate thi: unintended consequence…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: How would an economist answer the question: "What is the socially best amount of pollution control?"…

A: The socially best amount of pollution control will be at the point or amount where the net benefits…

Q: You are about to sign-up for a movie streaming service and are trying to decide how many movies you…

A: According to the marginal benefit (MB) rule, the net befit achieved from consuming a commodity is at…

Q: Firms A and B each produce 80 units of pollution. The federal government wants to reduce pollution…

A: The marginal cost in economics is the change in total cost that occurs when the amount produced…

Q: what is ecomics?

A: Economics is a  social science that studies production, distribution, and consumption of goods and…

Q: Which of the following assertions regarding the economic approach is false? a. The goal of economic…

A: Economic Approach:- The index number theory method based on the notion that measured quantities and…

Q: Market failure can be caused by Select one: O a. externalities and market nower

A: Market failure is when the automatic mechanism of demand and supply equilibrium fails to establish…

Q: What is the socially optimal output

A: The socially optimal output will occur when we set marginal benefit equals marginal cost and we also…

Q: In the past, some counties and countries have imposed taxes on sugar, saturated fats, and food made…

A: As the milk chocolates includes huge sugar content which can lead to some health related issues. And…

Q: If a good or service offers a social benefit as well as a private benefit, we can expect individuals…

A: The market demand curve of the good or service should in turn be set equal to the marginal cost…

Q: Consider a common resource good like a free camping ground next to a lake. a. What is the…

A: In economics, a common-pool resource is a type of good that consists of a natural or man-made…

Q: Which of the following is an example of Ecological value?

A: Ecological value is related to nature and environment.

Q: group of college students throw a party for their graduation. They decide that each of them pick a…

A: We are going to discuss the meaning and consequences of Tragedy of commons to answer this question.

Q: What is social policy?  What are some examples of social policy?

A: Social-policies are the policies that the government(G) and the legislatives make in order to bring…

Q: What is the efficient outcome in this market? Equivalently, which types of bikes should change their…

A: Individual preferences are typically assumed in welfare economics, and efforts are made to improve…

Q: What can affect the prioritization of economic goals.

A: The objective of economic effectiveness has been characterized as the most elevated conceivable…

Q: Use a supply and demand graph to show a good which should be illegal owing to it's negative…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: Give an example of a positive externality and an example of a negative externality that exist in the…

A: Externality refers to the spillover of benefits or costs to the third party other than the immediate…

Q: what is an externality? give an example of a postiive externality and an example of negative…

A: Existence of externalities prevents maximum economic efficiency in a market.

Q: (Figure: Market 5) Use the graph to answer the question. Price Supply $12 $10 $8 $6 $4 Marginal…

A: Market forces would yield a quantity of four, whereas the socially optimal quantity is six. In…

Q: Explain why consuming alcoholic beverages may have a negative externality. What policy can the…

A: The measure that depicts the benefit or cost being caused by a producer that is neither received nor…

Q: Define social cost.

A: The private cost is the cost which is incurred by the producer to purchase the factor of production.…

Q: Identify at least one positive and negative externality from running a hamburger shop.  What is one…

A: Externalities means a situation where production or consumption of a good by a person effects other…

Q: is a situation in which a market left on its own fails to allocate resources .efficiently A. Market…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Lucia is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free,…

A: Choices Are Made at the Margin. Economists argue that most choices are made “at the margin.” The…

Q: ystem (Academic) es of Microeconomics || Fall20 At the current level of output, the marginal social…

A: Marginal social benefit is associated with the change in benefits due to the change in consumption…

Q: Is the environment an economic asset? Is the environment a social asset? Explain

A: Economic assets are entities functioning as stores of import and over which ownership rights are…

Q: Firms A and B each produce 80 units of pollution. The federal government wants to reduce pollution…

A: given question-  production of A and B = 80 units MCA = 50 + 3QA  MCB = 20 + 6QB  MB = 590 – 3Qtot…

Q: What is ecological about ecological economics?

A: Ecological economics examines the world and draws interdisciplinarily from principles of biology,…

Q: What is the definition of totalitarianism

A: Totalitarianism is an economic system where the government has total, centralized state control over…

Q: Explain which of the following cases are classified as (A, B, C, or D) : (A) Negative Externality…

A: 1.A farmer who uses pesticides to produce vegetables This would be classified as negative…