Describe Spillovers and externalities
Describe Spillovers and externalities?
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a. When profit / expenses of invention are not fully reflected in market demand/ supply schedules, Spillovers or externalities occurs. Several profit/expenses of a good may “spill over” to 3rd parties.
b. An example of a spillover cost is fumes, that allows polluters to enjoy lower production costs because the firm is passing along the cost of pollution damage or cleanup to society. As firm does not bear complete rate, it will overallocate resources.
c. Correcting for spillover costs requires that government get producers to internalize these costs.
d. Spillover benefits occur when direct consumption by some individuals impacts third parties. Public health vaccinations and education are two examples. Because some of the benefits accumulate to others whereas individuals will demand too little for themselves and resources will be underallocated by the market.
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Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer Discover Q & A Leading Solution Library Avail More Than 1422687 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1936231 Asked 3,689 Active Tutors 1422687 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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