Elucidate reallocation of resources
Elucidate reallocation of resources?
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Market failure occurs when the competitive market system produces the “wrong” amounts of certain goods or services or fails to provide any at all. Resources are reallocated from private to public use by levying taxes on households and businesses, thus reducing their purchasing power and using the proceeds to purchase public and quasi public goods. This can bring about a significant change in the composition of the economy’s total output.
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Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?
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Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
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