Please answer questions 2 a) i - iii, b) & c) Question 2(a) Identify the type of market failure, explain why it occurs and provide asolution(i) An auto repair shop convinces you that you need a$20,000 valve job when all you need is an oil change.(ii) Everyone in the neighbourhood would benefit if anempty lot were turned into a park but no entrepreneurwill come forward to finance the transformation(iii) A barking dog in the backyard(b) Define the tragedy of the commons in your ownwords.(c) Why are fish in the ocean an example of a resourcethat suffers from the tragedy of the commons butcattle grazing in a farmer's pasture does not sufferfrom the tragedy of the commons?

(a) (i) Type of market failure - Information Asymmetry Efficient markets require high levels of…

Answered: market failure,

Business

Economics

market failure,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer questions 2 a) i - iii, b) & c)

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