SCENARIO 3-12
Given below are the rating and performance scores of 15 laptop computers.
-Referring to Scenario 3-12,how will you classify the linear relationship between the performance scores and the rating?
Definitions:
External Costs
Costs that are not borne by the parties involved in a transaction but rather by third parties or society as a whole.
Efficient Solution
An outcome wherein resources are allocated in the most effective way, maximizing benefits while minimizing costs or wastes.
Internalize Externalities
The process by which a firm takes into account the external costs or benefits of its activities, typically by incorporating them into its pricing structure.
Negative Externalities
Costs suffered by a third party as a result of an economic transaction, such as pollution caused by industry, which are not reflected in the market prices.
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