Identify a article that illustrate a market failure "water pollution" in Trinidad and Tobago. (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (iii) Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.
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Identify a article that illustrate a market failure "water pollution" in Trinidad and Tobago.
(i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario.
(ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome.
(iii) Carefully explain how the imposition of the chosen government policy impact consumer
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- Identify a article that illustrate a market failure "air or water pollution" in Trinidad and Tobago. (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. . (iii) Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.Identify a market failure(air pollution or water pollution) in Trinidad and Tobago, identify the type of market failure and discuss why market failure occured. ( public good, asymmetric information, positive or negative externality)Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.Identify a newspaper article that illustrates a market failure in Barbados. Ensure that you provide a screenshot of the article in your submission. NOTE: Only the following market failures should be examined: public good, asymmetric information, positive or negative externality. Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. How will the imposition of the chosen government policy impact consumersurplus, producer surplus and total surplus in this scenario?
- Explain the measures used by the government to correct each of the following sourcesof market failure :(i) demerit goods(ii) Negative externality Explain the concept of market failure.Identify a newspaper article that illustrates a market failure in Trinidad and Tobago. Market failure: Water pollution. (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield an efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (Maximum 30 words). (iii) Carefully explain how the imposition of the chosen government policy impacts consumer surplus, producer surplus, and total surplus in this scenario. (Maximum 30 words)Explain the measures used by the government to correct each of the following sources of market failure: (i) demerit goods (ii) Negative externality
- Identify a market failure in Trinidad and Tobago, identify the type of market failure and discuss why market failure occured. Identify a market failure in Trinidad and Tobago, identify the type of market failure and discuss why market failure occured. ( public good, asymmetric information, positive or negative externality)Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.Question 1 A global-positioning anti-theft device installed by one car owner can produce a positive spillover to other citizens in a community. Discuss the impact on the: (i) Private benefit curve (ii) Social benefit curve (iii) Private cost curve (iv) Social cost curve (v) Market equilibrium level of output (vi) Efficient level of output Question 2 (a) Identify the type of market failure, explain why it occurs and provide a solution (i) An auto repair shop convinces you that you need a $20,000 valve job when all you need is an oil change. (ii) Everyone in the neighbourhood would benefit if an empty lot were turned into a park but no entrepreneur will come forward to finance the transformation (iii) A barking dog in the backyard (b) Define the tragedy of the commons in your own words. (c) Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer’s pasture does…QUESTION 1 SCENARIO: Developers of a new housing scheme spend money in the roads, lighting and clearing land surrounding the scheme. The type of market failure represented by the scenario is a/an Negative externality Public good Asymmetric information Positive externality The market fails in this scenario because: No market transaction takes place Goods are under produced Goods are over produced No private position Solution to the market failure is Subsidy Government provision Taxation Screening Signaling The equilibrium quantity is ______________ the social efficient quantity. Greater than Lest than Equal to The private benefit curve is Shifts outward to the social benefit curve Shifts inward to the social benefit curve Remains unchanged The private cost curve is Shifts outward to the social benefit curve Shifts inward to the social benefit curve Remains unchanged The Efficient output is found where the Social cost and the social benefit curve…
- Question 1 A global-positioning anti-theft device installed by one car owner can produce a positive spillover to other citizens in a community. Discuss the impact on the: (i) Private benefit curve (ii) Social benefit curve (iii) Private cost curve (iv) Social cost curve (v) Market equilibrium level of output (vi) Efficient level of output (a) Identify the type of market failure, explain why it occurs and provide a solution (i) An auto repair shop convinces you that you need a $20,000 valve job when all you need is an oil change. (ii) Everyone in the neighbourhood would benefit if an empty lot were turned into a park but no entrepreneur will come forward to finance the transformation (iii) A barking dog in the backyard (b) Define the tragedy of the commons in your own words. (c) Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer’s pasture does not…Question 5 a) Using demand and supply diagram, describe and discuss a positive externality in the production of a product/service. b) Referring to your answer in part (a), discuss how the government can intervene in the market to correct for the market failure.A) Using demand and supply diagram, describe and discuss positive externality in production of a product/service. In your discussion, explain why the existence of a positive externality leads to inefficiency. B) Consider your answer in part (a), discuss two methods that the government may use to intervene in the market to eliminate the market inefficiency. In your discussion, explain which method is preferred.