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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

A layperson says that a proposed government project simply costs too much and therefore shouldn’t be undertaken. How might an economist’s evaluation be different?

To determine

Explain the evaluations of economist.

Explanation

Economists say that a layperson’s opinion regarding the new project is that the proposed government project is costly; hence, it should not be undertaken. Generally, a decision regarding a new project taken depends upon the project’s marginal cost and marginal benefit...

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