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There are many acceptable definitions of "external costs" but if you have the basic understanding of what it is then you should be fine. Firstly you know that it is a negative effect/impact by &...

Rearrange equation 2 to make y the subject, then substitute the y expression into equation 1 and collect like terms: 3x+y=9 -->> y=9-3x x+3y=11 -->> x+3(9-3x)...

Food is price inelastic because there is no alternative or substitute good that we can consume in order to sustain life. Therefore if the price of food increases we still require it to survive, resulting ...

Firstly you should expand the brackets in this situation in order to collect the like terms, so get all the x's on one side and all the constants on the other side of the inequality. Expanding the bracket...

Firstly you check to see if there is a coefficient to the x² term, in this example there isn't so we know that both the brackets will have a single x in, (x +  )(x +  ). We also know both the s...