Question
Based on the article https://www.vox.com/2018/4/18/17168504/restaurants-noise-levels-loud-decibels , If the key economic concepts that might be of use to address this problem is External Cost, 1) Explain
Based on the article https://www.vox.com/2018/4/18/17168504/restaurants-noise-levels-loud-decibels ,
If the key economic concepts that might be of use to address this problem is External Cost,
1) Explain why it is external cost
2)What do you think might be some of the consequences of high noise levels on market equilibrium for this type of service? Explain carefully whether the final outcome is efficient or not.
3) Think of what society might do (i.e. restaurant owners, the government, etc.) to get an outcome closer to the cooperative solution.
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