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Question
Mr. Saini owns an orchard. He is delighted to know that his new neighbour is a beekeeper.
In the light of externalities, specify the reason for Mr. Saini’s delight. Mention the term for the type of externality in the example mentioned above.
Solution
Mr. Saini is delighted as the bees from his neighbour’s orchard will pollinate the plants/crops/fruit trees in his orchard. It will indirectly increase the productivity and the overall output of his farms, thus giving him economic benefit.
The type of externality referred to above is Positive externality.
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