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How do you calculate the net social welfare loss due to a negative externality in production?

If there exists a negative externality in the production of a good or service (eg. coal power station emitting greenhouse gases) the Marginal Social Cost (MSC) to society of producing the good will exceed...

Answered by Scott N. • Economics tutor

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What are the factors affecting Cross-Price Elasticity?

First, it is important to understand the difference between own price elasticity and cross-price elasticity.Own price elasticity concerns about the responsiveness of the the quantity

Answered by Helen C. • Economics tutor

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Discuss the ethical issues of IVF in humans

There are several arguments for having in vitro fertilisation. Firstly, it allows people who couldn't otherwise have children to start a family. Also the embryos that are used for IVF, if there are signs ...

Answered by Elsa C. • Biology tutor

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Define the term monopoly and outline its characteristics.

Monopoly is a market structure where a single firm controls market's output and market share.
Monopoly's characteristics are the following:There is only one firm in the industry Changes in the firm'...

Answered by Iosif D. • Economics tutor

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