Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
20th Edition
ISBN: 9780134531984
Author: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
Publisher: PEARSON
Question
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Chapter 21, Problem 1DQ
To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer
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Explanation of Solution

  • The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.
  • The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.
Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

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Chapter 21 Solutions

Economics of Public Issues (20th Edition) (The Pearson Series in Economics)

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