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Tutor profile: Alexandra P.

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Alexandra P.
Economist for the Government of Canada
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Questions

Subject: French

TutorMe
Question:

écris une phrase en utilisant le verbe avoir au passé composé.

Inactive
Alexandra P.
Answer:

j'ai mangé de la viande hier soir.

Subject: Basic Math

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Question:

Can you solve the following: 2+(3 x 4) x 6 = ?

Inactive
Alexandra P.
Answer:

74

Subject: Economics

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Question:

Based on economic principles/theory, explain when and why it is appropriate for government to intervene (i.e., regulate). Please provide examples in your response.

Inactive
Alexandra P.
Answer:

Based on economic principles/theory, it is appropriate for government to intervene through regulations in cases where there are market failures, leading to a net social welfare loss. There are a number of scenarios that can be categorized as market failures such as negative externalities, imperfect competition, inefficient distribution of public goods, and imperfect information. Below is discussion on negative externalities and imperfect competition. To begin, a negative externality is a cost that is suffered by a third party as a result of an economic transaction. When a negative externality arises the third party is indirectly negatively affected. Markets usually do not account for externalities and therefore government intervention is needed. For example, oil producers usually set their oil prices based on the basic principle of supply and demand. However, oil producers (who represent supply) and consumers (who represent demand) do not take into account the negative effect of pollution on society in their transaction which is a negative externality. Therefore, government intervention is necessary in order to regulate the amount of pollution that should be injected on society. In addition, imperfect competition is also a market failure that can require government intervention. For example, in cases where a monopoly exists where there is only one phone company that can provide wireless services to consumers, government intervention may be needed if the phone company decides to take advantage and price their services well above their marginal cost. Since wireless services are important to individuals day to day activities, governments may seek to intervene through regulations in order to set a price cap to keep wireless services affordable and prevent the growth of monopoly power. Therefore, government interventions through regulations may be necessary in order to correct market failures because the market may not be able to correct itself.

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