Social Cost Mid-Term Analysis

Social Cost Mid-Terms
Social Cost Mid–term
1)I believe similar people in similar situations make different decisions regarding whether or not to do violence due to various causes. One would be
personal morals and values. When dealing with similar people making different decisions pertaining to crime, I think of their ethical views. One
individual may have personal standards acknowledging right from wrong during their situation while the other may not have or break that though of
personal values. Another reason could be the motivation behind the choice when being confronted with the decision. We may have an individual take a
realistic goal of working hard to obtain a goal by working towards the American dream – working hard for what they want, being patient. While ...
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One would be the social cost of the war on drugs on the economy in a finical perspective. The amount of money being spent and put into the war on
drugs including on law enforcement comes with a price. Creating new regulations, strategies, and team of specialized drug law enforcement, the
amount of money being spent can easily exceed set budgets. Another social cost is the lack of focus on other social issues that suffer due to
spending on the war on drugs. This means that there are less programs and opportunities for issues such a health care, education, government
assistance etc. that effect citizens and their daily lives. Corruption could also be a social cost of policing on the war on drugs. This refers to those
in higher authorities in criminal institutions who are involved with the financial gain of illicit activity and provide the resources for organized
criminal groups to develop. This creates a larger problem being the issue of the drug war only expands through a system we trust to protect us, at the
expense of tax payers. As policing strategies increase so do the methods used, in order to reduce risk of serious crimes law enforcement will target
minor crimes which result in increase of prison populations and a shift in the ethics and procedures used to maintain a drug free environment. The
social costs of policing the drug war can violate human rights, cause racial injustice, and limited
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The Pros And Cons Of Sugary Food
Sugar is a good ingredient for cooking, however, sugary foods can bring a lot of negative influences to the human body, such as obesity, so this essay
will introduce some knowledge about negative externalities, government measures and the effects of excessive consumption of sugary foods.
Meanwhile, it will analyze and evaluate the effectiveness of the imposition of tax and compare it to alternative solutions.
Externality is a kind of market failure that all allocation of goods and services is not efficient. Externalities is effects of activities on outside third
parties, which is also called "Spillover Effect". It will occur when there is a difference between social costs or benefits and private costs or benefits.
Positive externality represents by benefits, so if social benefit is greater than private benefits, there will be a positive externality. For instance,
inoculation and education. In contrast, negative externality represents by the costs, so if social costs are greater than private costs, there will be a
negative externality. For instance, pollution, traffic congestion and obesity.... Show more content on Helpwriting.net ...
Regulation means that the government sets rules to make it more difficult for firms to produce, for example, quantity restriction. If companies do not
follow the regulation, they have to pay penalty. Permits means that the government can set a maximum allowed amount, and then it will issue permits
to each firm. Firms can gain by reducing production or using cleaner methods to reduce pollution because permits can be traded and firms cannot
exceed permitted amount. Tax is also a good way to remedy negative externalities. The government use tax to control the price, meanwhile to reduce the
consumption. In most cases, tax rates of those externalities should equal to the value of the externality. (Alain Anderton.,

Benefit Cost Analysis Of Social Programs. Child, Youth,
BENEFIT COST ANALYSIS OF SOCIAL PROGRAMS
CHILD, YOUTH, AND FAMILY PROGRAMS
MAYA BOZKURT
SPRING 2017
Abstract
This paper examines the benefit cost analyses of youth, children, and family programs by means of investigating previous studies in the area and
comparing benefit cost analyses of different programs. Benefit cost analysis (BCA) of these programs differ from BCA of infrastructure, health or
environmental programs due to the mental and intangible consequences. This paper addresses the main principles applied in BCA and procedural
steps. It also compares BCA of programs conducted by nonprofit and government organizations. The strength and challenges of BCAs in family, child
and youth programs are also assessed. I reached to a ... Show more content on Helpwriting.net ...
For the public programs, BCA is recommended by legislators. According to Circular A–94, for formal assessments of federal programs BCA is
recommended since it is a more comprehensive method than the cost–effectiveness analysis (Circular A–94, 2016, pg.1)
Social programs consist of many different kind of programs including general welfare, education, housing, senior programs, social security benefits,
health, youth, children, family, etc. Since social programs refer to a very broad category, I limited my study to youth, child, and family programs.
In this paper I will explain the literature review I made on BCA applications of youth, children, and family programs. In the first part of my study, I
will give some background information about BCA of such programs. In the latter part, I will explain how BCA is applied to those programs. At the
third part of my paper, I will give examples from BCA done before and will compare these analyses. The next part of my paper will consist of
challenges that researchers face during the BCA of youth, child, and family programs and recommendations from some different studies. Finally, I will
summarize my findings.
2.Background
Decision makers attach particular importance to BCA for the choices between the youth, child, and family programs as time passes (Karoly,2008,
pg.iii). Implementing social programs more

The True Cost Of Social Media Marketing Essay
The True Cost Of Social Media Marketing Everyone's heard the popular adage, "There's no such thing as a free lunch," meaning it's impossible to
get something for nothing. In the same way, there's no such thing as free social media. For years we've heard that social media is 'free.' While its
true that there are no costs associated to actually setting up your social media accounts, using it in an effective way is far from being free. Social
media has caused the biggest cultural shift in the way we communicate since email. It has revolutionized advertising, branding, and professional
networking for businesses. More importantly, it changed the way businesses interact with clients, customers, suppliers and others, giving new access
like never seen before. By understanding the costs involved, you will be able to appreciate just how important investing in social networking can be
for your business and why despite the costs, we think you should invest. This list will explain the true cost of social media marketing! Cost #1:
Planning Your first step is similar to developing a marketing campaign– you need to come up with an extensive plan and strategy. Don't join every
network just to be 'on' social media – a comprehensive strategy is a must! Every tweet, post, and message should have a resounding key message and
meaning. Next, evaluate your current staffing resources and determine if anyone has time to take on the role, and ensure they have the capability,
otherwise, get

Economics Essay Telephone Masts
Using the information in the data and your own economic knowledge, evaluate the economic case for and against governments attempting to influence
how mobile phones are manufactured and used. (25)
The government should intervene in the mobile phone market to correct market failure due to the presence of negative externalities.
Negative externalities are detrimental third–party effects caused by the production and/or consumption of a good. A public good is a good provided
free of charge to the consumer, by the government. A public good is non–excludable and non–rivalrous. A merit good is a good that gives positive
externalities upon production and/or consumption. A merit good is non–excludable, yet rivalrous.
The negative ... Show more content on Helpwriting.net ...
Therefore, the government should intervene to correct imperfect knowledge and decrease demand for mobile phones.
Imperfect knowledge occurs when either the consumer or the producer know more than the other about the externalities that occur due to the
production or consumption of a good. A government can use persuasion techniques to correct imperfect knowledge on the part of the consumer. Ways
in which the government can do this include educational advertising and changes to the national curriculum to impart views the government deems
will correct imperfect knowledge.
It is argued that the production of mobile–phones exerts negative externalities on the Asian employees of the mobile–phone (Extract E, Line 16). An
example of a negative externality on the Asian workers is that of low–wages paid by Western firms to employees in poorer, foreign countries. If the
government's policy of persuasion was successful, demand for mobile–phones produced by firms that incur low costs by paying lower wages should
decrease (See Figure 2). This would decrease the quantity consumed of low–cost mobile phones, and reduce the negative externality of an inequality in
the distribution of wealth and incomes, present in the production of low–cost mobile phones.
If persuasion was successful, it would also provide incentive to firms that produce mobile–phones to increase wages and lower negative externalities, as
demand would be higher in the market for mobile phones produced with

How Does Tobacco Tax Increase In Inelastic Demand?
Tobacco tax increase urged by parliamentary group Tobacco is a demerit good, where social costs of consumption are greater than private costs to the
individual i.e. negative externalities. Negative externalities of consumption produced make the marginal social benefits in each case less than the
marginal private benefits. The private utility is diminished by the negative utility suffered by the third party. Smokers have some private benefits of
smoking, but they are creating external costs for other people. The costs to other people (second–hand smokers) are significant and include a variety of
illnesses. Consumers, because of the free market would maximize private benefit to consume at MSC=MPB. Cigarettes would be over–consumed,
because... Show more content on Helpwriting.net ...
Government could provide education about the dangers of smoking and also fund negative advertising in order to reduce demand for cigarettes. The
revenue from tax imposing could be used (ВЈ100m). There is no guarantee of effectiveness of education and advertising in terms of reducing cigarette
consumption, but the reduction in consumption would be larger with both tax + health campaign. Nevertheless, using the tax alone to lessen cigarette
consumption may not be sufficient as smokers will always look for substitutes to their vice. The ban on smoking in public places has cut the external
costs borne by non–smokers. The warnings on cigarette packets have changed some public perceptions. People are not the best judges of their own
welfare, so the government intervenes to discourage the production and consumption of demerit goods (cigarettes in this case)–for example age limits
for smoking. Advertising ban would be also useful, packaging shouldn't be attractive for people, cigarettes should be hidden from the view of a
consumer, warnings should be everywhere and more influencing. Also it would be good to ban cigarette consumption in pubs, restaurants, clubs and in
cars with children. I think that increasing the price of cigarettes is a quite effective policy tool for reducing smoking participation and consumption
among youth, young adults and persons of low socioeconomic status. Higher cigarette

Monopoly Case Study
Chapter 15: Monopoly
Question 1: explain how the following industries practice price discrimination: movie theaters.
Different price is charge to different age range. Price is based to the buyers' age whether they are a student, adult or elderly, most adult receives
regular admission price while students and elderly receives discount, this is because students and elderly are less likely not able to afford the full–price
of a movie ticket as they may not have income. Thus, this pricing strategy is used among the movie theaters. Moreover, the price of the movie tickets
varies on the time of purchase, movie theater may charge less price in the morning/afternoon and charge more in the popular time such as evening or
Fridays.
Question 2: explain how the following industries practices price discrimination: airlines. ... Show more content on Helpwriting.net ...
(Hints: Graph the market failure and explain the problem. Then show how the government action will change the situation.) Without Government
Intervention The air pollution imposes a cost on people who breathe in the air because the increase in air pollution will affect the health of the people.In
the presence of the pollution, the social cost of the pollution exceeds the private cost.due to negative externality the social cost curve is above the
supply curve, in which the vertical distance between the curve of private cost and the social cost is the external cost.In the graph it can be seen that the
optimal quantity is smaller than the market quantity, where QMKT is the free–market and OOpt is the efficient output, Thus, there is a welfare loss(A,
B, C)
In order to improve economic efficiency, the government can consider imposing green tax on drivers and factories to reduce the pollution that is being
emitted. In the graph the supply curve(private cost) will shift to the left resulting in the market equilibrium equals to the social

Social Cost Evaluation (NSFAD)
Goncalves provides the most complete social cost evaluation of the NSFAD of any of my sources. Furthermore, a social cost evaluation is best way to
measure the repercussions of the policy on Portuguese society because it is congruent with other scholarship on social cost evaluations dealing with
substances similar to illicit drugs such as tobacco and alcohol. However, it is not without it's flaws, as pointed out by other scholarship. As previously
mentioned, from 2001 through 2005 the number of drug citations fell, reducing the overall social cost of drug use. Goncalves also provides that when
drug citations returned to pre–NSFAD levels from 2005–2010 the associated social costs were still reduced compared to pre–NSFAD social costs (205).
These findings as a whole are misleading for ... Show more content on Helpwriting.net ...
Next, as previously proven, policing had a negative cost shift overall due to the NSFAD calling for more funding to go to drug trafficking policing.
Local policing costs have not significantly changed, though, meaning that the NSFAD did not augment the amount of police interaction with drug
users. Taking into account this information it can be claimed that in terms of the social cost, or the taxpayer burden, the NSFAD has been a mixed bag.
What can be positively asserted is that both prison costs and the lost income/productivity of the drug offend has been significantly reduced due to the
introduction of decriminalization and CTD's. Taking into account all four social cost categories identified by Goncalves as well as the their
respective limitations and caveats, it can not be confidently be claimed that the overall social costs of drug use following the implementation of the
NSFAD were decreased, rather success in reducing negative social repercussions should be considered on a category by category

Economics
what are externalities?
Externalities are common in virtually every area of economic activity. They are defined as third party (or spill–over) effects arising from the
production and/or consumption of goods and services for which no appropriate compensation is paid.
Externalities can cause market failure if the price mechanism does not take into account the fullsocial costs and social benefits of production and
consumption.
The study of externalities by economists has become extensive in recent years – not least because of concerns about the link between the economy and
the environment.
PRIVATE AND SOCIAL COSTS
Externalities create a divergence between the private and social costs of production.
Social cost includes all the costs of ... Show more content on Helpwriting.net ...
If we assume that the producer is interested in maximising profits – then they will only take into account the private costs and private benefits arising
from their supply of the product. We can see from the diagram below that the profit–maximising level of output is at Q1. However the socially efficient
level of production would consider the external costs too. The social optimum output level is lower at Q2. This leads to the private optimum output
being greater than the social optimum level of production. The producer creating the externality does not take the effects of externalities into their own
calculations. We assume that producers are only concerned with their own self interest.
In the diagram above, the private optimum output is when where private marginal benefit = private marginal cost, giving an output of Q1. For society
as a whole though the social optimum is where social marginal benefit = social marginal cost at output Q2.The failure to take into account the negative
externality effects is an example of market failure.
NEGATIVE CONSUMPTION EXTERNALITIES
Consumers can create externalities when they purchase and consume goods and services. o Pollution from cars and motorbikes o Litter on streets and
in public places o Noise pollution from using car stereos or ghetto–blasters o Negative externalities created by smoking and alcohol abuse o
Externalities created through the mis–treatment of animals o Vandalism of public property
o

A New Social Contract for Health Care Insurance Costs Essay
A New Social Contract for Health Care Insurance Costs The new social contract between the health care system and employers, patients, and the
government has given everyone involved some breathing room. They have provided a clearer picture of the costs of health care; however, it is
evident that there is still work to be done regarding the transparency of complete and exact costs. For example; all hospitals have a price list called the
chargemaster that includes nearly 20,000 health care procedures. The prices on this list are the prices that patients will most likely see on their bills;
however, the terms are not standardized and many are bundled services that make it difficult to compare them with other institutions. It is obvious...
This would level out the premium costs a little better than premium charges being based on the number of employees who work at a company.
Flipping the script, I will now discuss my new social contract between the citizenry and the state. I certainly believe that the state should have some
responsibility to help with health care costs; however, I also think citizens should take responsibility for themselves as well. For example; people who
are employed should pay their share of the premium cost based on the amount they make per year, so if one employee brings home more than another,
they should pay a higher share of the amount of their premium. Moreover, an employee making minimum wage should have some help from the state
to pay part of their premium cost. Also, each individual's last employer should continue to provide them with their same insurance plan until they find
new employment. As far as State health insurance coverage such as the Medicaid and Medicare programs, they should continue to provide health
coverage to the underprivileged and the elderly. In brief summary, the New Social Contract effort is about describing the problems we face, in this
case, conflicts in the health care systems. Whether the cost of health care is not clearly seen by patients, or the costs of health care insurance is too

Social Costs Of Smoking Cigarettes
Introduction
The overall economic costs of smoking cigarettes has become somewhat of an epidemic in society for a variety of reasons. It includes numerous
private and social costs. The private cost to smokers goes far beyond the price of cigarettes alone. Smokers also pay with their health, life, and
finances. Alongside the great cost to smokers, they enjoy benefits to the same degree. The total cost of smoking not only effects smokers, but society
as well. The externalities from smoking are both negative and positive. Society bears the burden of the negative externalities, or social costs, both
physically and monetarily. The positive externalities, or social benefits, play a significant economic role in society. Thetobacco ... Show more content
on Helpwriting.net ...
The average smoker's overall quality of life is jeopardized because of the health ramifications. Many long–time smokers have lower endurance than
non–smokers which results in frequent shortness of breath. They are also more prone to common illnesses due to their lowered immune system.
Finally, they are at a high risk for disease and premature death. Although these costs are high, smokers do reap some benefit by making the choice to
smoke.
If the private cost of smoking to smokers is so high then why smoke? "According to economic theory, if smokers are fully informed, rational and under
no duress, it can be assumed that the benefits of smoking to them are at least equal to the costs which they themselves bear."(Collins; Lapsley)
Otherwise, they would not smoke. The benefits to the smoker are both physical and psychological.
Cigarettes are highly addictive. Reinforcement and withdrawal are the two key factors that establish cigarette smoking as an addictive behavior. As a
learned response to consumption, reinforcement leads smokers into becoming dependent on the rewards or benefits they reap from smoking. The
nicotine in cigarettes creates a physical dependence while the act of lighting up and smoking creates a psychological dependence. A smoker benefits
from the positive reinforcement that comes from both the physical and psychological effects of smoking. Smokers are also influenced by

The Failures Of Market Failure
Market failure, in economic terms, refers to a situation wherein the free market fails to efficiently allocate the goods and services. Or in other words,
during market failure, another conceivable outcomes (non– Pareto optimal) exist wherein a market participant is found to be made better–off without
making anyone else worse–off (Francis Bator, 1958). The failures in market can be seen as the scenarios in which the pursuit of pure self–interest of an
individual leads to inefficient results as per the societal point of view and bearing high chances of improvement. Basically, market failures occur when
the market lacks economic efficiency.
Market failures may occur due to a plenty of reasons including asymmetries in information, externalities, monopoly, time inconsistent preferences,
principal agent issues, public goods, or non–competitive markets etc. Therefore the market failure often requires the intervention of supra–national
institutions and self–regulated governments and organizations in that particular market (Joseph Stiglitz, 1989). Micro–economists are usually involved
in the task of identifying potential causes of market failure and suggesting appropriate corrective measures. An important role is played by such an
analysis in number of public policy studies and decision making. Historical records show us that governmental interventions have various impacts on
the economy of its country. However, poorly implemented governmental attempts for correcting market failure

Social Cost Of War Analysis
Americas Cost of Wars Abroad and domestic
Clark, George. "The Human and Social Costs of War." Enviroment 50.2 (2008): 3. Academic Search Premier. Web. 22 Apr. 2016.
The article describes the different forms of casualties in war; as well as, the civilian casualties of war after soldiers come home from war. The human
cost of war does not stay on the battle field; it comes home to the soldiers' wives and their children. The four thousand soldiers killed in Iraq, and
Afghanistan is a small fraction, compared to soldiers' suicides and imprisonment of soldiers killing their wives. The war is the outcome of casualties
of war torn countries; as a result, the Iraq people, and afghan civilians are being abused by American soldiers. The article fits ... Show more content on
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The American people will not be able to see the true cost in money spent on future conflicts. Congress has taken total advantage in implementing the
new laws by propagating eight hundred billion dollars on the terrorist problem. The law was generated to hide access by the public, and spend the
money anyway they wanted. The congress falls back on the liberty of this nation as their excuse in allocating the funds needed for the military spending.
The article fits into the writing as a tool in how tax payer's money is being allocated for war. The article is straight forward in the legitimacy as well
as the writer's view is not biased but factual. The source is directed at the cost of the war and this fits the topic of the writing, and how they paid for
the war; the article accesses the cost of war and the hidden price tag hidden in supplemental appropriations. The source picked, fits the argument of the
writers view toward war.
The article is a strong indicator toward the subject of the cost of war, and the distrust in government by the people. The source opened new debates on
the laws implemented behind the people's back to fund unfunded wars. In the article, this opens more questions on the funding of wars and the
consequences in hiding the true cost of

Social Cost Of Cancer
Cancer is the second leading cause of death in the United States, exceeded only by heart disease. In 2011, more than 575,000 people died of cancer,
and more than 1.5 million people had a diagnosis of cancer. Millions more have been affected by cancer directly post diagnosis or indirectly by taking
care of a loved one that had been diagnosed with cancer. The actual cost of such a disease extends well beyond the number of lives lost and new
diagnoses each year. Cancer survivors, as well as their family members, friends, and caregivers, may face physical, emotional, social, and spiritual
challenges as a result of their cancer diagnosis and treatment. The financial costs of cancer also are overwhelming. According to the National Institutes
of Health,

The Economic And Social Cost Of Illiteracy
The World Literacy Foundation released a report on illiteracy in 2012 sharing this devastating news, "Shockingly, more than 796 million people in
the world cannot read or write. About 67 million children do not have access to a primary school education and another 72 million miss out on
secondary school education" (Melbourne, "The Economic & Social Cost of Illiteracy"). Complete illiteracy is defined as, "a person who cannot read
or write at all" (Melbourne, "The Economic & Social Cost of Illiteracy"). However, there is another kind of illiteracy. This illiteracy is commonly
known as functional illiteracy. Function illiteracy, "means an individual may have basic reading, writing and numerical skills but cannot apply them
to accomplish tasks that are necessary to make informed choices and participate fully in everyday life" (Melbourne, "The Economic & Social Cost
of Illiteracy"). Illiteracy brings multiple negative effects to an individual and his or her family. The effects of illiteracy include: life threatening health
issues, lower incomes and inability to succeed in his or her career, and it increases crime rates. First, illiteracy carries life threatening health issues. If
someone is illiterate, he or she will be unable to comprehend medical records and assessments. Thus, never fully understanding their diagnosis, or their
treatment plan options. Erin N. Marcus, M.D. writes, "There is also a growing body of research on health literacy, the ability to comprehend and use

The Problem Of Social Cost
In 1960 Ronald Coase published an essay called, "The Problem of Social Cost". In this essay he discussed many things that have made it one of the
most quoted essays in economic and law arguments. However, the main reason for this popularity was his proposition of a theory that has since been
called the Coase Theorem which states that "if trade in an externality is possible and there are no transaction cost, bargaining will lead to an efficient
outcome regardless of the initial allocation of property rights." If someone has never heard or studied economics before they would probably very
confused by that statement, so the best way to explain this concept is through an example. To start off, we can look at Professor Sean Mullholland's
example from his video on negative externality and Coase Theorem. In the video he uses the example of a farm owner and fishermen who represent
the actual fishermen, the land owners, and the recreationist. Now the farm owner's farm is on a stream which flows into a lake which the fishermen
use. When the farmer is planting his crops he has to use a fertilizer that doesn't fully stay on the land and some of it flows into the stream thus
flowing into the lake. With all of the excess fertilizer in the lake a large amount of the fish population is exposed to the fertilizer which has chemicals
that will kill them. This causes a very big and obvious problem for the fishermen, so then there are two routes that this can go down. One route is

Social Security Cost Analysis
Giselle: 2009#1 Looking at the numbers, the very tangible loss of money––money funneled seemingly endlessly into space, into technologies that we
abandon, into missions that may fail, into promises of progress ten, twenty, fifty years from now––it can be difficult to justify that immediate loss with
the seemingly insufficient immediate gain, the gain of nothing but knowledge––so very intangible that it is. Perhaps this is frustration is born from the
fact that we have never done anything like this before––we have never before been able to leave home for something so infinitely vast. We have never
before been faced with the reality that we are so impossibly small. The world has grown so large in such a very short time, and the average person...
In the United States, Social Security comes first, taking about 21% of the federal budget in 2006, with national defense coming second at 19%.
Then, comes income security, Medicare, health, and the interest incurred by the national debt before "all others" comes. "All others" (taking 6% of
the federal budget) refers to a multitude of things, including space and technology, but also including international affairs, administration of justice,
natural resources and environment, agriculture, and energy, among others (Chamberlain). It is clear that when compared to major federal
expenditures, money funneled to space exploration is so fractional as to not be concisely accounted for. The question regarding money, however, is
not how much, necessarily, is being spent, but if it itself is necessary. The question of necessity is, itself, difficult to answer no matter the evidence
provided. When the Social Security Act was first introduced as part of Franklin Roosevelt's New Deal, some thought it was unnecessary. Some
argue, today, that the US overspends on its defense sector and has since it entered WWII. Space is different, though, because it is so very new to us.
It is almost completely unexplored, and surely has a vast wealth of resources useful to those on Earth, but it is neutral, and no one nation can claim
any of those resources. Ultimately, space is a playground for science, and it can be difficult for the average American (who is not employed in a space
technology industry) to justify funding a venture that seems to be without

Externalities
Micro Economy
Externalities
Elizabeth Turra Brouwer
11–1175
9/08/201
An Externality is when costs or benefits of certain activities spill or fall into third parties that have nothing to do with the initial situation in hand; its
like a side effect or consequence of an activity that affects other parties who did not choose to incur that cost or benefit.
Like you can see there can be either costs, or benefits that affect those third parties. When it is a cost that is imposed on third parties, it is called a
negative externality; negative externalities occur when a decision or activity imposes costs on anyone that is not involved in the making of the
decision, that is if a decision imposes any kind of external cost, which are ... Show more content on Helpwriting.net ...
When the government gets involved and taxes goods and services, it raises revenue for the government, decreases the quantity of goods produced and
consumed and therefore, both consumers and the producer of the good will pay, splitting the costs of the tax and leveling up with society's.
Fees and regulations are similar to taxes. The government charge all firms the same fee and to set the same standard for all firms. This will achieve
the same level of emission reduction at a lower cost for all firms and firms will have an incentive to reduce their emissions.
There are also solutions to a positive externality. That is to get the decision maker to internalize the external effect. The difference with this and the
negative externality is that with the negative externality they would have to try to get the decision maker to see higher costs and with the positive
externality the government needs to somehow make the decision more appealing to the private decision–maker.
A great example of this is getting a degree; it might not be as important or beneficial to you to get a certain degree but the benefits that you could give
the society with that degree can be significant, so the government creates scholarships and incentives to motivate you and make it easier for you to get

an education and ultimately be part of the working society.
There are 3 ways of target the allocation problem of externalities, I talked about regulations,

Economies of Scale
Introduction
The conditions proposed by the financial crisis and international markets have ended up affecting the practice of economies and shared frames of
reference on the nature of the problems. A minor phenomenon in Bangladesh can have substantial impacts in New York or London. The scale and size
categories have become central to the analysis of what is happening. Institutional sizes are related to risk externalities [Makridakis / Taleb, 2009]. The
work produced [Haug, 2007; May, 2008] offer an explanation of the consequences to take extreme risks in economies (extreme risk). Even considering
the risk corresponds to the capital (original) external losses can become outrageous.
Background
Studies reveal a context in which ... Show more content on Helpwriting.net ...
The crisis resulting from the excessive size of the banking sector has also contributed to increased externality (negative) with costs experienced by most
people.
In this regard Taleb / Tapiero [2009] consider that it is inefficient markets with negative externalities to a considerable extent, even though they have
ideal conditions of competition (perfect financial markets). In any firm if negative externalities are not offset by positive externalities, or adequately
regulated, the risk of losses can become outrageous. In a New York Times (Sunday Business section, October 4, 2009), Gretchen Morgension
reference to research by Dean Baker and Travis McArthur, described the effects of selective failures that allowed some privileged banks (large) were
"subsidized" with costs above $ 34 million annually.
Size is not the medicine when firms fail. For example, Fujian [2004], using a list of broken Japanese companies in 1997 ([Bouchaud, 2003]) has
drawn the failure of some firms regardless of size. When business growth is supported by debt to risk exposed is superior because it threatens both the
creditor losses as the lender. Size growth combined with rising debt can lead to colossal failures. It's like traveling with suicide pilots that guide aircraft
dynamited. By taking unsustainable growth strategies with negative externalities, people end up paying higher costs.
Networks and supply chains

Economic and Social Costs of Inequality in Australia
Analyse the economic and social costs and benefits of inequality in distribution of income in Australia. Income inequality describes the extent to
which income is distributed unevenly among residents of an area. High levels of inequality indicate that a small number of people receive most of the
total income, and that most people receive only a small share of the total. There are many advantages and disadvantages associated with the
inequitable distribution of income. Income inequality can lead to an increase in the productive capacity of resources and so an increase in real GDP
per capita. Economic benefits are mainly derived from the incentive effects of inequality. Firstly, inequality encourages the labour force to increase...
Class divisions can result in tensions between people and different regions. Wage disputes between workers and employers in which workers try
to improve their income levels are a common cause of dispute. These divisions can sometimes lead to social and economic instability. As shown
earlier, inequality leads to poverty problems but the facts have not been explored. Australia has a very high level of relative poverty with 12.2% of
Australians living below the poverty line, defined as receiving an income below 50% of the median income level. Poverty tends to trap families into
a vicious cycle of low incomes and limited economic opportunities. High poverty levels also tend to be associated with increased levels of crime,
suicide, disease and reduced life expectancy. As you can see, there are many economic and social costs and benefits of inequality in the distribution of
income but in general, having high levels of income inequality is bad for an economy and individuals so Australia has continually attempted to have
relatively low levels of income

Hedonistic Treadmill Research
Thousands of kilograms of plastic enter the oceans every minute. However, consumers do not see the severity of their consumptive lifestyles.
Instead, they go to their favorite coffee shop, order a drink and then throw away the cup once they are done. Many do not look for recycling bins,
and almost all consumers do not think about where their garbage goes after they throw it away. A majority of consumers simply think their old coffee
cups fill in a landfill, but what many do not know is that some people consume up to 11,000 pieces of plastic a year along with their seafood (Walsh,
Formanek, Loo and Phillips). But, if this consumption has such a large impact on lives and the environment, why are consumer not more aware? The
Hedonistic Treadmill,... Show more content on Helpwriting.net ...
According to a CNN report, halting the amount of plastic flowing into oceans would, "require and incredible change in the daily behavior of 7 billion
people" (Walsh et al.). The need for this extreme measure did not happen overnight. This problem has grown over the course of many years, and only
continues to worsen as the Hedonistic Treadmill speeds up. This problem is so large, that it constitutes as a market failure. Due to the impact of
excessive plastic in the oceans, animals are dying, and individuals are consuming large amounts of plastic each year. Thus, the speed of the Hedonistic
Treadmill is causing the market to fail due to its negative externalities on wildlife, the environment and humans. However, the degree of the problem
indicates that this failure, and its solutions, have not been thoroughly

Advantages And Disadvantages Of Market Failure
Introduction
The report introduces what market failure and Government is how government solve the problem and explain market failures and their understanding.
Knowledge in economics is also used in the report such as public good, merit good, negative externalities and imperfect competition. And analysis of
the case: welfare policy.
The subject of this report is the market failure and the reasons and phenomena, and then is the case study and the advantages and disadvantages. Market
failure and the role of government in dealing with them
Market failure
Market failure means situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers
and producers.
As to the appearance of market failure, There is a monopoly or imperfect competition market makes it not always has the most effective results. The
externalities of market behavior may produce negative spillover effect Market mechanism can't guarantee the supply of public goods. The
incompleteness or asymmetry of the market information causes the uncertainty in the economy. The income distribution effects which caused by
market can't accepted on political or moral. Public good
Public good means the nonexclusive and nontrivial good: The marginal cost of ... Show more content on Helpwriting.net ...
From a social point of view, the efficient level of output is the level at which the price of the product is equal to the marginalsocial cost of production:
the marginal cost of production plus the marginal external cost of dumping effluent. In our example, each unit of output results in some effluent being
dumped. Therefore, whether we are looking at one firm's pollution or the entire industries, the economic inefficiency is the excess production that
results in too much effluent being dumped in the river. The source of the inefficiency is the incorrect pricing of the price. We can encourage the firm to
reduce emissions in three

An Economic Analysis Of Average Cost Of Screening Patients...
An Economic Analysis Comparing Average Cost of Screening Patients Using Remedy Social Platform vs. Popular Preventive Health Check
–up
Programs Tanmay Gupta1, Dr. Purav Gandhi2
1Department of Business Analytics and Intelligence,
Indian Institute of Management, Bangalore tanmay.gemini@gmail.com 2Remedy Social (Healthark Wellness Solutions LLP),
C–602, Tulip Citadel, Ambawadi, Ahmedabad, India drpuravgandhi@remedysocial.com Abstract: We conducted an analysis using data collected from
140 patients through an online health assessment questionnaire. All of the participants in study were screened for a risk of them having a particular
disease and were assigned a personalized diagnostic plan based on their risk–profile using an algorithm. The average diagnostic cost came substantially
lower than the tests recommended by usual health preventive checkup plans. This could result in highly judicious utilization of healthcare resources,
money, and participant time without creating any significant compromise in screening sensitivity.
Keywords: health economics, preventive health, screening, cost–impact analysis, preventive check–ups
1.Introduction
Health is a major concern for the most of us. From elderly parents to newborn children, medication and hospitalization play a substantial role while
ensuring the health of a family. While age–related ailments are almost inevitable, even the young generation of today is also not immune from health
issues, notably the

Advantages And Disadvantages Of An Economic System
An economic system is comprised of the various processes of organizing and motivating labour, producing, distributing, and circulating of the fruits of
human labour, including products and services, consumer goods, machines, tools, and other technology used as inputs to future production, and the
infrastructure within and through which production, distribution, and circulation occurs.
Free or Market Economy
Economic system whereby buyers and sellers can make the deals they wish to make without any interference, except by the forces of demand and
supply.
All resources are owned by private individuals and private organizations
Advantages –The producers of favoured products receive a large income than producers of less favoured products ... Show more content on
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transfer of council homes to housing associations contracting out Rubbish collections to private co.
Advantages of PFI
Finances public projects without the need for the government to borrow funds or raises taxes.
Risk is transferred to the private provider
Introduces private sector qualities such as efficiency
Disadvantages
Method of financing is more expensive
There is a question on how much risk is transferred in the private sector.
Given the government record of bailing out those companies working for the govt.
Efficiency savings have been made at the expense of quality deterioration in the service. e.g. hospital cleaning.
Externalities
An externality occurs when the costs or benefits of an economic action are not borne or received by the instigator.

Externalities are therefore the spill over effects of production and consumption which affect society as a whole rather than just the individual producer
and consumer.
Railway may be good but the noise
Pricing policies based on social cost
Social Marginal benefit
Use indirect taxes and subsidies where private costs of production are below social costs and an indirect tax could be imposed so that price is raised to
reflect the true social cost of

Why Do Markets Fail?
Why do markets fail?
There are a number of reasons as to why markets fail and there are five different types of markets that this can be brought down to. These include:
Monopoly, Collusion, Asymmetric information, Externalities and Public good and the free rider problem.
Monopoly
A monopoly can be seen as a form of market failure and this is because unlike in perfect competition, firms with large market power have the ability to
inflate their prices as they are usually the 'price–makers'. The price at which something will be sold is usually determined by the interaction of the
supply and demand within the market.
A monopoly can either set the selling price or quantities – but not both. The reason for this is because although they have ... Show more content on
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The profit maximising quantity can be found where MR and MC intersect and in order to find out what price the firm will sell their good / service at,
you have you go up to the demand curve from the profit maximising quantity and this tells us what price consumers are willing to pay once you trace
over from the demand curve to the price cost axis.
Now, in order to discover whether or not the firm makes any economic profit, you have to go follow the output line up until the ATC curve (Which is
the per unit cost), and once again draw back to the price cost axis.
Asymmetric information
Asymmetric information is when one party has a superior knowledge of something compared to another party. An example of this is a seller and a
buyer as the seller would be the party with a superior knowledge over the buyer. This could lead to market failure as the seller (Who has superior
knowledge) to manipulate the situation and take advantage of the buyer (Inferior knowledge).
Asymmetric information can lead to two main issues, and they are: Adverse Selection – Hidden Information Moral Hazard – Hidden Action
To begin with there is adverse selection and this is form of market failure happens when products of a different quality are sold at a single price due to
asymmetric which inevitably results

The Problem Of Social Cost
The Problem of Social Cost The Problem of Social Cost by R.H. Coast is an article examining the economic problem of externalities. The example
of externality is a firm's smoke imposed negative effects on neighbor properties. The standard economic analysis such of the economic situation is
generally defined in differences terms of private and social good followed by the treatment of Pigou Economic Welfare. The standard economic
analysis results in achieving most of the economists desires to hold firms responsible for the harmful that caused to injury by the firm's smoke, or
applies tax on the firm to equivalent the money term of damage that caused, or even excludes the firm from the residential area. Coast argues that such
of an economic analysis is inappropriate because it incurs unnecessary results or desires. The Reciprocal Nature of the problem The traditional analysis
obscure the nature choices to be made, avoid the harm to one party would conflict harm to another. The traditional analysis tends to miss out the key
features of externality that is reciprocal nature. The reciprocal nature indicates that the externality is not simply result of one party's action, but rather
result of both parties' combine actions. Similarly, either party can prevent the damage. For instance, Cattle damages crops of adjacent farmer, so cattle
raiser can fence property or farmer leaves the land uncultivated. Economic optimal is maximize the joint value of outputs of both parties by

Subsidy
Background.
What this paper endeavours to illustrate is that government funding is sometimes necessary for the sustainable functioning of the economy and
society from a holistic perspective. Firstly, let us define the term "subsidy", and how this fits in an economic context. Oxford Dictionary defines
"subsidy" as follows: "a sum of money granted by the state or a public body to help an industry or business keep the price of a commodity or service
low" (OED Add. Ser. Vol. 3, 1997). Subsidising industry is anathema to the concept of free trade as the very foundation of free trade, as we know, is
built on the cornerstone of "laissez–faire" capitalism and a limited role for government inasmuch as the market is out of the sphere of ... Show more
content on Helpwriting.net ...
This approach will provide for us a rounded view of how one symptom of a potential short–fall in the market may lead to the development of more
symptoms and impact the economy in a more noticeable way.
If we loosely adopt the progression as depicted in the "vicious cycle" diagram on the left, and begin from the initial action of the closure of SPC, there
is an immediate impact on the market by way of equity (i.e., Coca–Cola Amatil's share–holders are affected), companies relying on SPC will find it
difficult to adapt to the new business conditions as they will now have to adjust for the loss of a significant client, strain will also be placed on
competitors as they may need to facilitate for greater supply in order to satisfy the growing demand (thus placing unprecedented pressure on the
business and potentially increasing their over–heads and capital outlay). Furthermore, certain communities and townships may have flourished due to
the inception or establishment of an industry or business (in this context, the Shepparton, Victoria community where the canning facility is based) may
now experience difficulty and major adjustments that will effectively impact other areas of operations in the market. It's almost impossible to quantify
the level of impact on the market without an actuarial investigation, but if we can assume that the local currency is affected, this may greatly affect
other businesses that rely on imports. When the purpose of business is to make

Social Cost Of Violent Crime Report
The estimated victim's social cost for burglary(without injury) is $1,400.00, while the estimated offender's opportunity cost for burglary (without
injury) is $1,100.00 (Miller, Cohen, & Wiersema, 1996).
Social Costs of Violent Crimes Violent crimes are defined as crimes that entail the use of force or harm to the physical body of another person. The
gravity of a violent crime is typically established by the scale of bodily harm caused. The utilization of a weapon raises the severity of the offense (Izzi,
2014). Common violent crimes might include assault, aggravated robbery, sexual abuse, domestic violence, battery, rape, and homicide. Other crimes
can be categorized "violent" even when the victim is not physically injured, for example crimes ... Show more content on Helpwriting.net ...
The mental pain and suffering, psychological damages, ongoing costs for physical and mental rehabilitation, and emotional traumas caused by the
crime. Physical or psychological damage that brings about a loss of quality of life for the victim and/or the victim's family is an intangible cost.
Criminal
Common tangible or "opportunity" costs incurred by the offender include lost wages, loss of tax revenue, legal and court costs, possible fines,
fees, and monetary reimbursements to the victim and/or victim's family. Typical intangible costs for the offender involve the loss of their freedom,
the guilt of financial and emotional impact on their family, the weight of responsibility of their actions, and in cases that call for the death penalty
a loss of their very life. For example, tangible costs of an armed robbery that results in an injury to the victim might include damages to the victim's
material belongings or property, the cost to repair the damage or cover the value of damaged or lost items, and if the victim is injured the medical
costs associated with care. If the victim is killed during the robbery the charge escalates to homicide and the victim's family receives compensation
for the material losses and financial costs of the crime. The tangible costs to the offender would be to cover these losses and reimburse the victim
/family for their financial and physical suffering, as well as pay legal fees and court

Social Cost Of Carbon Tax Analysis
The central question related to the carbon tax is how should the tax rate be designed, and one most straightforward approach is to set the price of
emission per ton equals to the social cost of carbon per ton, which represents the social incremental damage of emissions. Such a Pigovian tax is
ideally an economically efficient way as it would lead to the socially optimal level of emissions where marginal benefits of emission equal to the
marginal costs (Kaplow, 2012 as cited in Metcalf, 2017). However, estimating the social cost of carbon is complicated because the cost represents the
present value of expected environmental damages caused by one additional unit of emissions today, while the damages persist far in the future. To
accurately measure... Show more content on Helpwriting.net ...
Major bills include Cut Carbon Act of 2009, Save Our Climate Act of 2009/2011, Climate Protection Act of 2013, American Opportunity Carbon Fee
Act of 2017/2018 (C2ES, 2013; Congress). All of these acts try to impose a carbon tax to reduce emissions of carbon dioxide, and almost all of them
have specified all taxable carbon substance sold by the manufacturer, producer, or importer of the substances as the coverage of the tax. Most of them
have specified emission targets as to reduce the U.S. carbon dioxide emissions 80% below levels of some given year by 2050, with different starting
tax rates ranging from $10 to $20 per ton of CO2 and different annual increasing rates. Some acts suggest the Treasury as the regulatory authority, and
some suggest the Environmental Protection Agency. Even though carbon tax is a topic that has been consistently brought up, none of the acts were
passed and enacted. There are also attempts to apply a carbon tax at the state level, nevertheless, no US states currently have authorized

The True Cost Of Social Media Marketing
Everyone's heard the popular adage, "There's no such thing as a free lunch," meaning it's impossible to get something for nothing. In the same way,
there's no such thing as free social media. For years we've heard that social media is 'free.' While its true that there are no costs associated to actually
setting up your social media accounts, using it in an effective way is far from being free. Social media has caused the biggest cultural shift in the way
we communicate since email. It has revolutionized advertising, branding, and professional networking for businesses. More importantly, it changed the
way businesses interact with clients, customers, suppliers and others, giving new access like never seen before. By understanding the costs involved,
you will be able to appreciate just how important investing in social networking can be for your business and why despite the costs, we think you
should invest. This list will explain the true cost of social media marketing! Cost #1: Planning Your first step is similar to developing a marketing
campaign – you need to come up with an extensive plan and strategy. Don't join every network just to be 'on' social media – a comprehensive strategy
is a must! Every tweet, post, and message should have a resounding key message and meaning. Next, evaluate your current staffing resources and
determine if anyone has time to take on the role, and ensure they have the capability, otherwise, get quotes to outsource. Look for vendors that

Social Cost Benefit Analysis
INTRODUCTION
What is Social Cost Benefit Analysis?
Cost–benefit analysis is a process for evaluating the merits of a particular project or course of action in a systematic and rigorous way. Social
cost–benefit analysis refers to cases where the project has a broad impact across society {and, as such, is usually carried out by the government. While
the cost and benefits may relate to goods and services that have a simple and transparent measure in a convenient unit (e.g. their price in money), this is
frequently not so, especially in the social case. It should therefore be emphasized that the costs and benefits considered by (social) `cost–benefit'
analysis are not limited to easily quantifiable changes in material ... Show more content on Helpwriting.net ...
Their presence and their social background affect the social structure and mode of life at the destination. Tourists are in turn affected by the experiences
and often carry back home with them new habits and new outlook on life.
Tourism has an educational significance. In the wider sense it has the altogether beneficial effect which contact between people of different races and
nationalities can bring about. In a narrow sense much tourist activity takes the form of study trips and attendance at courses and conferences with
specified educational aims in view.
Tourism is often accompanied by cultural exchange and by cultural enrichment of those who travel as well as those at the receiving end. The cultural
factors that may attract tourists to a particular destination are architecture, historical monuments and birthplaces of famous people. These are some of
the places most visited by the tourists. Festivals and exhibition rely heavily to visitor traffic as their audience.
Tourism can be classified into:
a. Tourists visit places for recreational purposes. Such tourists spots are usually hill stations, beaches etc, such tourists like to get away from the daily
grind of life and freshen themselves.
b. CULTURAL TOURISM:
Such type of tourist satisfies the cultural curiosity of the tourist. Such tourist spots include ancient monuments, places of historical and religious
importance etc

Essay On Greenhouse Gases
Emissions of greenhouse gases, especially carbon dioxide, are among the major threats to sustainability. The damages they cause to the environment,
represent serious external costs to society i.e. a negative externality. The impact of these emissions does not directly fall on those who conduct the
production activities responsible for the emissions but on the entire society, especially the future generations. Diagrammatically, this situation can be
represented by a marginal social cost (MSC) higher than the marginal private cost (MPC), figure 1. Meaning that the costs of production of the
polluting firms are less than the costs that spill over onto the society due to polluted air, consequences for the health etc..Thus if the market forces ...
As reported by the article carbon taxes are "one of the simplest, market–friendly way of driving with climate change". They have in fact numerous
advantages. First of all, they bring a consistent government revenue which can be spent to subsidies renewable sources of energy. Secondly, these
taxes make the energy prices more predictable, which will increase the level of business confidence because firms can now planning their future
investments with more security. Finally, they are not subjected to corruption, since they cannot be manipulated like the cap and trade system. On the
other hand they may be too low, resulting in less incentive for the producers to use other form of energy, since is more convenient for them just to pay
the tax.Moreover, this could mean a rise in unemployment since the output will decrease and therefore firms will reduce the workforce. Furthermore,
the tax will not make a compelling contribution because Bangladesh is a small producer of carbon dioxide, meaning that it will not make a significant
contribution to contrast the climate change, which is a global phenomenon. Finally, as stated in the article there is the danger that the burden of the tax
will be passed to the consumers, putting a greater financial pressure on the lower income households.
An alternative for government is to set instead a cap and trade system, which is a system in which permits to pollute are

A Social Cost Benefit Analysis
WALNUTS AUSTRALIA PROJECT
A social Cost–Benefit analysis investigating the implement of a walnut plantation in Tasmania, Australia
Semester 2 – 2013
ECON3220
BENEFIT–COST ANALYSIS FOR BUSINESS
Table of contents
Executive summary3
I. Introduction4
II. Methodology5 a) Benefit–Cost Analysis (BCA)5 b) Decision criteria5 c) Key variables6 d) Assumptions6
III. Analysis7 1. Results summary7a) Project Analysis7 b) Private Analysis8 c) Efficiency Analysis8 d) Referent Group Analysis8 2. Sensitivity and
Risk Analysis9 a) Discount rates9 b) Riparian buffer zone10 c) Opportunity costs of land & labour11 d) Walnut price12 3. Joint Analysis13
Conclusions and Recommendations14
EXECUTIVE SUMMARY
In ... Show more content on Helpwriting.net ...
The last sections concern about the uncertainties in multiple inputs. The project ends up to be undeniably risky where in optimistic cases, the project is
favourable to both the social and private stakeholders; but in pessimistic cases, the detriment could become terribly worse. The ultimate choice then
depends on the attitude towards risk of the decision maker but generally, further investigations on different aspects of the project should be
implemented in order to make an accurate decision.
I. INTRODUCTION
The report advises on the possibility of the project related to gains and losses from which many parties may suffer such as the Australian government,
Tasmanian government and labour, WAL, etc. Those benefits and costs are particularly different among stakeholders.
Generally, the company wants to take advantage of an ideal climate and the currently developing walnut industry to build up a plantation zone for
walnut trees in eastern Tasmania which lasts for 20 years. This WAL's new project is expected to achieve its full capacity after four years operating

and to earn extra revenue from timber at the end of its life.
WAL supports the project as it can cover partly the total amount of Australia's import walnuts which is as large as 4,000 tonnes of kernels per year.
The Australian government prefers to take this into account along with revenues from tax and subsidies spending in order to allow a subsidised

Outcome of Banning Smoking in Public Areas
This article talks about how the number of premature births and severe childhood asthma problems has dropped by after smoking was banned in
public places. Researchers from the University of Maastricht and the University of Edinburgh studied 250,000 hospital visits and more than 2.5
million births for asthma attacks in children. It was discovered that "preterm births and hospital attendance for asthma has fallen by 10% " especially
in areas where smoking is banned.
Though banning smoking at in public places would possibly have a negative effect, because people may start to smoke more at home. However the
study provides proof that banning smoking in public areas has created a positive impact on child health. Moreover, it was found that this law has
created public heal benefits for perinatal and child birth and it "provides strong support for the World Health Organizaion" in order to make
smoke–free areas in more states and countries. The study looked at how anti–smoking laws affect the health of the children that live in those regions.
It was found that smoke–free public environments such as restaurants, workplace and bars "protect adults from the dangers of passive smoking". Also
they discovered that there was a 5% decline in children that were born very small for their age after they introduced the smoke–free laws. Exactly 40%
of children throughout the world are exposed to second–hand smoking on a regular basis, which causes respiratory disease and sever asthma problems

Eco/365
What is an externality? Provide at least three examples. How does one of the examples you provided affect the market outcome? What is the role of
government in addressing the implications of an externality you provided as an example? Is it possible that a government's solution to a market failure
would worsen the failure? Explain your answer.
Externality is defined as an effect of a decision on a third party not taken into account by the decision maker. There are two types of externalities being
positive and negative. Second hand smoke would be a negative externality. The smoker does not take into account the smoke emitted from their
cigarette. Education would be considered a positive externality. When an individual is educated, their... Show more content on Helpwriting.net ...
In regards to Apple, if the government was to only offer incentives to Apple, there would be a negative externality for other companies that offer similar
products.
#Another Response
Externality can be either positive or negative. If one is building a plant to extract oil from the ground, the positive externality is the added jobs for the
community. However, the potential pollution from the plant could be conceived as negative. The externality affect is when one does not control the
impact from another person or companies decision. Another positive externality is the improvement of a workforce in an organization that employs
local labor. Pollution is widely viewed as the top negative externality.
Pollution is a major issue in many communities. It affects the local population and the number of people moving to the area, in addition to the potential
workforce. If externalities result in an unsafe community, it will result in fewer residents and less economic growth. Government controls on pollution
is very effective if patrolled. Many regulations are not monitored, thus companies often find ways to avoid the regulations. Government officials need to

Market Failure Of The Pharmaceutical Industry
Market failure appears when there is a failure in allocation of goods and services. When the market is unsuccessful, the government is called to
intervene and correct the failure. Over the years, government participation in the pharmaceutical market has been more wide–ranging than any other
good or service. With the government's ability to regulate, mandate, inform, finance and provide, their intervention to overcome market failure can be
beneficial for the economy. Market failure plays a significant role in today's economy.
Pharmaceutical industries are a prime example. There are several possible reasons as to why and how market failures might lead to such high prices
for drugs. Information asymmetry is the most critical form of ... Show more content on Helpwriting.net ...
Moreover, patients often have less knowledge than the prescriber does about the appropriateness of the drug, where it can be very misinforming for the
consumer. Lastly, drug efficacy is a problem in all contexts. Since stakeholders are likely, less informed than manufacturers it causes both the consumer
and prescriber to depend on the manufacturer for information of the effectiveness of the drug (Bennett, Quick, Velasquez, 2016).
Externalities, also viewed as the negative spillover effect, plays a role in market failures associated with pharmaceuticals. In the pharmaceutical
sector, externalities take place when consumers affect the utilization of a drug's value. Externalities typically stop consumers from receiving cheaper
costs for drugs because they normally don't carry the complete costs of drug expenses. Negative externalities induce a cycle of ongoing sales, more
profits and more subsidies. Thus, if externalities are left to be controlled by a market then the implications will lead to high pricing on products.
Recently, there had been a controversy over the rise in pharmaceutical costs involving the EpiPen in the United States. The EpiPen, also known as
adrenaline/epinephrine, is a widely used injection that is used to treat allergic reactions. This generic drug has been available for many years. The
EpiPen controversy is a prime example of how monopoly

Social Cost
The Social Costs of Academic Success across Ethnic Groups is a study conducted by Thomas E. Fuller–Rowell and Stacy N. Doan in 2010. The main
intention behind this research was to explore the long–term comparison between academic achievement and social acceptance across different ethnic
groups in a sample of adolescents. In order to find out the race/ethnicities as well as social acceptance of the participants they conducted in–home
interviews. In order to find the GPA, they utilized self–reports. The results of this research show that social acceptance is positively correlated with
GPA. African Americans and Native Americans adolescents have a bigger social cost with academic success than White adolescents do. These findings
also suggested that students of Mexican decent also show different social costs within their achievement.
This research article possessed many strengths. The authors did an exceptional job in including all factors such as gender, SES, ethnicity, minority
groups, single parent families, school and neighborhood disadvantages in regards to its correlation with academic success. The authors also did a good
job in providing support on other studies in order to make their hypotheses more credible. Another aspect of the research that I found to be a strength is
the ... Show more content on Helpwriting.net ...
Which are more prevalent under school circumstances where the distinction in social costs across groups was found to be most obvious. I would also
improve the language limitation by providing the groups who spoke languages other than English to complete the self–reports in a familiar language to
them and the in home interviews with a translator. Overall, this research study was stimulating that focused on a subject that is controversial because
of it's focus on the social costs of academic success across ethnic

Social Cost Benefit Analysis And Itemization Of On Site...
Joseph Cavera
Dr. Pankaj Lal
Environmental Economics
November 22, 2014
Social Cost Benefit Analysis and Itemization of On–Site Sediment Remediation
Introduction/Background
Transport of contaminated sediments from major regional Superfund projects in the NY/NJ harbor corridor has been the preferred back–end alternative
after the dredging remedy is performed in order to clean these areas without generating higher costs. However, after dewatering, these sediments are
shipped at great distances (to UT, OK, TX, ID) for final disposition at C landfills or for incineration. Corporate risk management in mishandling the
Superfund sediment in transport such as a derailment can lead to long–term corporate liability as well as environmental hazards from a spill from both
the ecological and human health perspectives. As such, a new localized remediation method involving superheating sediments on–site within a rotary
kiln have recently been implemented in other areas, and, because of its beneficial use product generation, reduction of risk and gaseous contaminants,
and removal of transport costs, it is now being considered as a viable alternative to traditional post–dredge remediation procedures.
This social cost–benefit analysis will look at the Focused Feasibility Study Report (FFS) on the USEPA Passaic River Superfund concentrating on
sediment processing and subsequent transport by rail to out of state landfill and incineration facilities. Costs components of the process have

The Cost Of Social Norms
To summarize the articles; "What isn't for sale?" by Michael J. Sandel, and "The Cost of Social Norms" by Dan Ariely, in the articles both authors
discuss the relationship between markets and society, and how they are intertwined even though they shouldn't which is partially caused by market
values entering society and affecting the regular norms of society causing money to be the first thing on everybody's mind. The article "What isn't for
sale?" By Michael J. Sandel talks about how society is broken because markets have reached into places they don't necessarily belong and influencing
people's values by supplanting nonmarket norms with market values. They do so by placing prices on things that normally aren't considered to be
goods or services and couldn't even be marketed, some examples given in the article are how people can pay an annual fee ranging from $1,500 to
$25,000, to gain access to their doctors personal cell phone, and same–day appointments; another example is how people in Santa Anna, California, and
other cities can actually pay $90 per night in ... Show more content on Helpwriting.net ...
The article mentions how there used to be two worlds, one which was governed by market norms and one which is warm and fuzzy, where people
do each other favors for the good of it, with no need to pay it back immediately or at all, a world where doing certain things provided people with a
level of satisfaction. In the world governed by market norms all exchanges are sharp, where all transactions are for the sake of buying something with
the only benefit being to gain something monetary, but in today's society these worlds have collided and people are having a hard time identifying
what should be governed by market norms and what should be governed by social

Social Cost Mid-Term Analysis

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