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please read this to further your understandin of the impact of subsidies

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please read this to further your understandin of the impact of subsidies

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https://www.tutor2u.net/economics/reference/government-intervention-producer-subsidies

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- Article Title: Agriculture gets solar push with 90% subsidy

- Link: https://timesofindia.indiatimes.com/city/chennai/agriculture-gets-solar-push-with-90-subsidy/articleshow/61956991.cms

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Terms that we don't need to define:
- Supply
- Demand
- Equilibrium

- Merit Goods: A type of good where consumption can lead to positive externalities or effects on the consumer and the people around him or her.

- Marginal Social Cost: (To be defined)

- Marginal Social Benefit: (To be defined).

- SOLO: Stands for Socially Obstruct Level of Output: When all externalities are accounted for

- Substitute Goods: Goods in the same market which are competing against each other.

- Elasticity (PED): The responsiveness of the change in price to the change in quantity.

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- Subsidy:  Subsidy is defined as government payments given to individuals, organizations, or businesses that are designed to offset production costs and encourage an increase in output.

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- Market Failure: When the government tries to intervene a market by controlling the production and consumption but only make it worse.
They are market failure because the price and quantity is set by supply and demand doesn’t reflect all of the cost. Doesn’t reflect positive and negative aspects on stakeholders.
Market failure is when price mechanism leads to an inefficient allocation of resources and a dead-weight loss of economic welfare.