Tobe considered scarce, an economic resource must be which of the following? I.Limited II.Free III.Desirable   I only I and II only I and III only I, II and III

Q: he graph shows the marginal social benefit, demand, and supply curves in the toothbrush market are…

A: The market has two components, which are the demand of a good and the supply of a good. The demand…

Q: Q2: There are two countries named Lilliput and Brobdingnag. We have the production possibilities…

A: Since you have asked only 2b, 3a, and 3b sub-parts of the question, we will solve that three…

Q: In the given choices, is a contraint of resource/s? * a. Pollution control laws O b. Inadequate…

A: The field of economics is defined as the social science that studies how an economy manages its…

Q: The tragedy of the commons is the absence of incentives to O A. discover the resource. O B. prevent…

A: TRAGEDY OF COMMON REFERS TO A SITUATION IN WHICH INDIVIDUAL WITH ACCESS TO A SHARED RESOURCE ALSO…

Q: B. The figure below shows the market for education. 20 S- MSC: 12 MSE D- MD 2 4 10 Quantity…

A: Positive externality refers to the external benefits to third party which are not directly involved…

Q: The opportunity costs could be computed as: Aircraft Corn =1/500=0.002 air Beta =500/1=500 corn…

A: 1. Beta is specialized in Corn production because its opportunity cost is lower than Gamma in the…

Q: a) What is meant by Pareto efficiency in economics? Explain. b) List two examples of market failures…

A: Dear student as you have posted multiple questions here, but we are allowed to answer only 1…

Q: How significant is the market failure?

A: In the theory of economics, market failure defined to be the situations when free-market allocation…

Q: 7. Two towns, each with three residents, are deciding whether to put on a fireworks display to…

A: A cost-benefit analysis is a cycle used to quantify the advantages/benefits of a choice or making a…

Q: Determine the type of market failure represented by the scenario below: Buying a used appliance on…

A: In a market, there are different types of market failure occurs under different situations.

Q: 1. Identify the type of market failure, explain why it occurs and provide a solution a. An auto…

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

Q: Market failure can be caused by Select one: O a. externalities and market power O b. government…

A: Efficiency arises when the market clears when demand and supply are equal at a common price. If the…

Q: Free rider problem: a. Please thoroughly and completely explain the free-rider problem. b. Please…

A: The free-rider problem refers to the situation where people enjoy the goods and services without…

Q: For each of the goods in the list below identify which good falls in each category: 1. Ice cream 6.…

A: Goods can be divided into public goods and private goods. Public goods are non-excludable and…

Q: industry 14 D B 4567 9 10 11 agriculture Here's a production possibility frontier graph. In this…

A: The production possibility curve depicts the combination of two goods that a nation can produce by…

Q: (microeconomics course) As the extent of environmental protection expands, would you expect marginal…

A: Marginal cost is the additional cost incurred with the cost of production of addition unit. Marginal…

Q: A village has six residents, each of whom has accumulated savings of $100. Each villager can use…

A: The following formula are used to calculate the income: Income for llama can be calculated as…

Q: The figure shows a national marketable permit system for carbon dioxide. If marginal abatement costs…

A: Permit Fees/Price implies the license, building review, designing, and arranging expenses paid via…

Q: a. What type of market failure would you categorize street lights that are not working?  b. Base on…

A: Market failure- Market failure is a term in the economy used to a situation where consumer demand…

Q: Adam Smith’s theory of the invisible hand is often used to justify a hands-off approach to market…

A: The automatic equibrialization of demand and supply in a free market situation by any unobservable…

Q: s or restrain the rising consumptior nal sacrifice arise. the scenario revealed above, answer the…

A: The one-child policy was a Chinese regulation that restricted most Chinese families to having only…

Q: This graph shows the market for antifreeze. Use it to answer the next questions. 9. 8 6. 3. 0. 100…

A: Negative Externality refers spill-over cost of a good on third party which is not involved in either…

Q: The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Define and give an example of a common resource.Without government intervention, will people usethis…

A: Common property resources are broadly used in public goods theory. These resources are also…

Q: 1. Social Benefit and Social Cost For the following statements: (1) identify if there is an…

A: We are going to explain the type of externality process for each case provided. Note: Since the…

Q: When it comes to getting a college education, most people consider not O their self-interest; the…

A: Externality refers to spill-over effect of a good or service on the society.

Q: The government addresses market failures when it enforces property rights. O True O False

A: Legislation, direct provision of merit goods and public goods, taxation, subsidies, tradable…

Q: (b) An art museum is a good example of a public good that is best provided through government…

A: A product or service that is made available to all members of a community is referred to as a public…

Q: Explain the free rider problem, and how it happens in real life. Use three (3) real examples.

A: “Hey, thank you for the question. Since there are multiple questions posted, we will answer first…

Q: Match the good with it's best characterization. A. Open-access resource B. Private good C. Public…

A: Public goods are those goods which benefit all the people of society whether he is poor or rich.…

Q: Which rule would NOT protect fish populations? O not allowing young fish to be caught O not allowing…

A: The answer to the given question will be as follows

Q: Fish farming is: a. A cause of disruption in ecosystems? b. the world's fastest-growing form of…

A: Fish farming refers to the raising of fish for commercial purposes. It's a means of producing food…

Q: Free-Rider Problem Which of the following do you expect to suffer from a free-rider problem? o…

A: The free rider problem can be defined as a market failure that occurs when people take advantage of…

Q: In Malaysia, proposals to build hydroelectric dams to generate electricity have caused two…

A: 1. Here, it is given that two groups have opposite argument for the proposal to build hydroelectric…

Q: On the basis of the three individual demand schedules below, and assuming these three people are the…

A: Market demand schedule for a private good is the horizontal summation of individual demand curves.…

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: Part 3: (Continued from above) Because the Once-lers are motivated by individual profit and won’t…

A: Firm's objective is to maximize the profit and produce where marginal revenue and marginal cost are…

Q: In the real world it is governments the case that all the conditions for markets to be efficient…

A: Since all three are different questions, we will answer the first one only. Please resubmit the…

Q: Which of the following is an example of the free-rider problem? Select one: O a. Both Zoe and Zach…

A: A free rider problem is a type of a market failure wherein the user either underpays or does not pay…

Q: Define and give an example of a common resource.  Without government intervention, will people use…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: An increase in globalization has lead to an increase in pollution, and this is a problem because…

A: The cost or benefit that is being caused by a producer that is not being received or incurred…

Q: A country called Sherwood is very heavily covered with a forest of 50,000 trees. There are proposals…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.