IGNOU EEC 11 2017 2018 - Externalities

Question

Externalities

01 Feb 2018

Answer :

Word Count : 309

An externality exists when the consumption or production choices of one person or firm enters the utility or production function of another entity without that entity’s permission or compensation. For example, two firms are located in river. The first is producing steel, while the second, operates resort hotel. Both are using the river, but in different ways. The steel firm uses it as a receptacle for its waste, while the resort hotel uses it to attract the customers seeking water recreation. Above facilities have extracted by two owners, even though

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