Example of wasted water in inefficiency economics
Why do people usually assume that water run on sidewalks and within the street while they water their lawns? Is that wasted water a symbol of inefficiency?
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The cost of water may be insignificant relative to the value of the time this takes people to shift their hoses around sufficiently which not a drop finds on the street. Therefore, this may be efficient for several people to employ "many more much" water; faithfully hand watering would be inefficient.
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The idea that costs ultimately grow faster than output if output is expanded obeys logically from the law of: (i) Increasing expectations. (ii) Raising returns to scale. (iii) Diminishing returns. (iv) Demand and supply. (v) Rational effects. Discover Q & A Leading Solution Library Avail More Than 1454921 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1947806 Asked 3,689 Active Tutors 1454921 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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