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What challenges do economies face in light of optimal allocation and public goods?
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- Using Production Possibilities Curve (PPC), identify the trade-off between public and private goods. What is the opportunity cost if more allocation is needed for the provision of public goods?Define social benefit.No more than 100 words for the answer: Explain briefly how property law can serve society’s interest in achieving an economically efficient allocation of resources, goods, and services.
- What is ecological about ecological economics?options for blank three drop down: efficient allocation OR over-provision OR under-provisionLucia is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free, there are many people in line, and a long wait time is expected. Consider the following sentence: By waiting in line for the shirt Lucia will miss an appointment to tutor an economics student, for which she would have been paid $30. Which basic concept of individual choice does this sentence best illustrate? A. Externalities are a shortcoming of the market. B. Many decisions are made on the margin. C. People usually exploit opportunities to make themselves better off. D. Opportunity costs and money costs (price) are related but are not always exactly the same.
- The production possibility frontier for X and Y consists of all the efficient allocations in the Edgeworth box. Explain why this is so. Also explain why inefficient points in the box would be inside the production possibility frontier.Explain why that among private goods, public goods, common goods and club goods, only private goods constitute an efficient allocation of resources. EssayPerson 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted to good b yields 2 units whereas each hour devoted to good A produces 4 units. (a) State whether 9 units of good B and 12 units of good A are attainable, unattainable, efficient or inefficient (b) Person 2 can produce 3 units of good B and 4 units of good A per hour. (I) who has absolute advantage oil production of good B?(ii) who has absolute advantage in the production of good A?(iii)calculate the opportunity cost for good B for person 2 (iv) calculate the opportunity cost for good A for person 1 (v) who has the comparative advantage in the production of good B?(vi) who has the comparative advantage in the production of good A ?
- According to Christopher Stone in "Why the Market Can't Do It", the market: Group of answer choices cannot allocate resources adequately to meet all social needs is a remedy for all the problems a society may face with its commercial actors can restrain giant modern corporations can allocate resources adequately to meet all social needsWhen the net benefits of all economic activities are not maximized, economists say the allocation of resources is _______ . Group of answer choices A. poorly done B. efficient C. inefficient D. incorrectConsider a common resource good like a free camping ground next to a lake. a. What is the inefficient outcome generated in this example if the quantity of people using the camping ground was determined by a free market relative to the social optimum? What causes this inefficient outcome? b. Propose one way in which to solve the inefficient outcome described above.