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Opportunity cost is defined as the next best alternative forgone. This is essentially, all the other alternatives that have to be given up when you make a choice. For example, the opportunity cost of goin...
Food is a necessity to which there is no substitute. As a result, more consumers will be willing to pay higher prices, meaning a change in price will not cause a proportionate change in demand
Noise pollution- Both the building of the airport and its functioning can create large amounts of noise, which can affect the quality of living of nearby residents
Price elasticity of demand (PED) - the percentage change in quantity demanded, divided by the percentage change in price There are several factors that influence the elasticity of demand for a given produ...
One negative externality that could occur would be the potential noise pollution that it creates as neighbouring residents may be unhappy about the new disruption.Another negative externality could occur ...
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