Examlex
We wish to increase the efficiency of an ideal heat engine from 25% to 35%. If the initial temperature of the hot reservoir is 650°C, to what temperature would this need to be increased assuming the exhaust temperature remains the same?
Marginal Social Benefit
Marginal social benefit is the additional gain to society as a whole from an additional unit of a good or service.
Socially Optimal
Refers to a situation where goods or services are produced and consumed at a level that maximizes overall social welfare.
Pollution
The contamination of the environment with harmful or poisonous substances, adversely affecting the health of living organisms and ecosystems.
External Costs
Costs of an economic activity that are not borne by the participants but rather by other people or society at large.
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