Suppose $f ( n ) = 2 f ( n / 2 ) + 3 , f ( 16 ) = 51$

question 7

Short Answer

Suppose $f ( n ) = 2 f ( n / 2 ) + 3 , f ( 16 ) = 51$ Find $f ( 2 )$ .

---

Definitions:

Market Failure

A situation where the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Allocated Efficiently

A resource allocation where resources are distributed in a way that maximizes the net benefit to society or achieves a desired outcome effectively.

Social Costs

The total cost to society, including both private costs borne by individuals and external costs affecting others not directly involved in a transaction.

Circular Flow Model

An economic model depicting how money moves through an economy between producers and consumers, illustrating the interconnectedness of different sectors.