a) Developers of a new housing scheme spend money putting in roads, lighting and clearing land surrounding the scheme. (i) What kind of market failure is this? Explain. (2 marks) (ii) Why does market failure occur in this scenario? Explain. (3 marks) ? ? ? (iv) Suggest a government policy that would yield the efficient outcome. (2 marks) b) Identify the type of market failure, explain why it occurs and provide a solution (i) An auto repair shop convinces you that you need a $20,000 valve job when all you need is an oil change. (4 marks) (ii) Everyone in the neighbourhood would benefit if an empty lot were turned into a park but no entrepreneur will come forward to finance the transformation. (3 marks)
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This question was created from Worksheet 2 (covers units 6 to 10) UPDATED.pdf https://www.aceyourstudies.com/file/17990606/Worksheet-2-covers-units-6-to-10-UPDATEDpdf/?focusQaId=10087352
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