Examlex
The rotating systems shown in the figure differ only in that the two identical movable masses are positioned a distance r from the axis of rotation (left) , or a distance r/2 from the axis of rotation (right) . If you release the hanging blocks simultaneously from rest, and call tL the time taken by the block on the left and tR the time taken by the block on the right to reach the bottom, respectively, then
Coase Theorem
A principle suggesting that under certain conditions, when externalities are present, parties can negotiate agreements to allocate resources efficiently without government intervention, as long as property rights are clearly defined and transaction costs are low.
Externalities
Costs or benefits that affect parties who did not choose to incur those costs or benefits, often leading to market inefficiencies.
MSB
Marginal Social Benefit, which refers to the additional benefit society gains from consuming one more unit of a good or service.
MSC
MSC stands for Marginal Social Cost, which is the total cost to society of producing an additional unit of a good or service, including both private and external costs.
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