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Identify a article that illustrate a market failure "air or water pollution" in Trinidad and Tobago.  (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. . (iii) Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.

Identify a article that illustrate a market failure "air or water pollution" in Trinidad and Tobago.  (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. . (iii) Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.

ECON MACRO
ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter3: Economic Decision Makers
Section: Chapter Questions
Problem 3.9P
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Identify a article that illustrate a market failure "air or water pollution" in Trinidad and Tobago. 

(i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario.

(ii) Suggest a relevant government policy that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. .

(iii) Carefully explain how the imposition of the chosen government policy impact consumer surplus, producer surplus and total surplus in this scenario.

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