From an economist’s point of view which represents the greater market failure – merit or demerit goods ? Justify your answer using both economic theory and relevant examples. (25 marks) Market failure occurs when a free market fails to deliver an efficient allocation of resources. Merit goods are seen to be underprovided by the state whereas demerit goods are seen to be overprovided by the state. Although obviously both merit and demerit goods cause market failure by their under/over consumption
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BEC 1034 Microeconomics GROUP ASSIGNMENT Lecturer’s Name: Madam ONG HWAY BOON Section: BC 177 Article: The Malaysian Insider (27 July 2012) List of members: NAME ID NO Tan Hui Juin 1122701693 Lai Zhi Wei 1122702253 Felicia Mah Phui Mun 1122701689 Toh Han Lin 1131120643 Koh Kai Bin 1131119181 a) Will there be an increase or decrease in demand? There will be an increase in demand of car because the tax of car has been cut for public‚ it cause the price of cars decrease‚ so
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celebrate its 145th anniversary. The global celebration of this landmark event will be held in Shanghai at World Expo 2010‚ which runs from 1 May until 31 October. As the leading specialized agency of the United Nations for ICT‚ ITU looks towards its Members to raise awareness of the role of information and communication technologies in creating the opportunities for a better life through long-term‚ sustainable development‚ not least among the most vulnerable sections of our society. In the urban
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largest company in the world in 2010(Fortune 500 Rankings) based on total revenues and profits. Future Generali in the 17th Insurer which got License from Government of India through its statutory body – IRDA (Insurance Regulatory & Development Authority) to operate in this industry. This company comes under the same rules and regulations which manages all regulated financial institutions of this country. More over each policy developed by our product development passes through several
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several different types of rewards or incentive systems to compensate employees. Merit pay is the most frequently used system which rewards teachers with base increases or bonuses for acquiring and demonstrating specific knowledge and skills needed to meet educational goals such as improving student achievement. The million dollar question is‚ does merit pay increase teachers’ performance? Those in favor of merit pay argue that teacher performance should be based on a broad range of factors that
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clinical settings. The approach has been found to be acceptable to a wide range of health care practitioners and their patients (Williams & Whitfield‚ 2001). The model provides a clear structure of range of problems and difficulties within five domains which include‚ life situation‚ altered thinking‚ altered feelings‚ altered physical feelings and altered behaviour activity levels. The five domains are interdependent and show what individuals thinks about the situation affects how the feel emotionally
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Shawn McDorman Mrs. McGill AP Lit and Comp October 24‚ 2008 Choose a character from a novel or play of recognized literary merit and write an essay in which you (a) briefly describe the standards of the fictional society in which the character exists and (b) show how the character is affected by and responds to those standards. In your essay do not merely summarize the plot. Oedipal society is a very religious civilization. The plebes religiously work their fields‚ pray to the gods to help their
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Better Care for a Better Future Kaplan University Imagine sitting in a hospital‚ watching a family member suffer. Due to their illness‚ they are forced to stay in this hospital for an extended amount of time. The environment is nothing like home and it is extremely uncomfortable. Even though time is flying‚ it feels like everything is moving so slow. It’s hard to believe that something so horrible could be happening to someone that is loved so much. You would do anything to
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assess the implication of the different sources and we evaluate Appropriate sources of finance for business projects. All business needs a money to finance and to set up a business activities like setup cost‚ Day to day cost‚ and other expenses which can help to keep the business running. Financial sources definition; Financial sources definition could be anything has a value or is the money available for the Business to spending in different ways such as a cash‚ liquid‚ securities‚ insurances
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Upon reading the case study on allocating the merit raises among the professors at Small State University‚ I have decided to use the attribute approach. The attribute approach is defined by Human Resource Management: Gaining a Competitive Advantage as: “ Focusing on the extent to which individuals have certain attributes (characteristics or traits) believed desirable for the company’s success. The techniques that use this approach define a set of traits-such as initiative‚ leadership‚ and competitiveness-
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