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Assignment Question:

Implement a multi-threaded program in Python that simulates a producer-consumer scenario using a bounded buffer. The producer should generate random integers and place them in a shared buffer, while the consumer should retrieve and process these numbers. Use threading and synchronization mechanisms to ensure proper coordination between the producer and consumer.

Solution:

import threading
import queue
import random
import time

# Shared buffer with a limited size
BUFFER_SIZE = 5
buffer = queue.Queue(BUFFER_SIZE)

# Producer function
def producer():
for _ in range(1: # Producing 10 items
num = random.randint(1, 10
buffer.put(num)
print(f'Produced: {num}'
time.sleep(random.uniform(0.1, 0.5))

# Consumer function
def consumer():
for _ in range(1: # Consuming 10 items
num = buffer.get()
print(f'Consumed: {num}'
time.sleep(random.uniform(0.1, 0.5))

# Creating threads
producer_thread = threading.Thread(target=producer)
consumer_thread = threading.Thread(target=consumer)

# Starting threads
producer_thread.start()
consumer_thread.start()

# Waiting for both threads to complete
producer_thread.join()
consumer_thread.join()

print("Processing Complete!"

Explanation of the Code:

A queue is used as a bounded buffer to store produced items.

The producer generates random integers and adds them to the buffer.

The consumer retrieves and processes the integers from the buffer.

We use threading to run the producer and consumer functions concurrently.

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Question:
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Solution:
Market failures occur when the free market fails to allocate resources efficiently, leading to outcomes that do not maximize social welfare. Two primary causes of market failure are externalities and public goods, both of which justify government intervention.

1. Externalities and Government Intervention
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Public provision: Direct government involvement, such as offering free schooling or healthcare.

2. Public Goods and Government Role
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Taxation: Compulsory payments ensure collective funding for these goods.

Conclusion
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