Homework Answers
1 - True
With the presence of the positive externalities , the production and the consumption , both are below the socially optimal level.
2 - Option A
National defence
The people cannot be excluded from using it. It is non excludable.
The other goods are upon the wish of person to use or not. Hence they are not public goods.
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Question 2 (1 point) A positive externality results in the market quantity being less than the...
Question 14 (1 point) Which of these is a pure public good? a) 1-95 b) flu...
Question 14 (1 point) Which of these is a pure public good? a) 1-95 b) flu shots c) a public park d) environmental protection Question 15 (1 point) If an unregulated industry generates pollution, the market price is than the socially optimal price, and the market quantity is than the socially optimal quantity. a) greater; greater b) less; greater c) less; less d) greater; less
Question 6 (1 point) If we assume that the production process of good X results in...
Question 6 (1 point) If we assume that the production process of good X results in a negative externality, then we can conclude that the market output level of X exceeds the socially optimal level of output. True False
Question 6 (1 point) The following equations represent the MWTP (demand) function and the private MC...
Question 6 (1 point) The following equations represent the MWTP (demand) function and the private MC functions in the market for some good where a negative externality (such as pollution) results in damages of $12 per unit of the good produced. MWTP 400 QD MPC 55+0.5QS The market equilibrium level of output will be equal to units. Question 7 (1 point) The following equations represent the MWTP function and the private MC function in the market for some good where...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight loss because more of the a. good should be produced, not less. b. (2 points) Economies of scale and limited demand can form a natural barrier to entry that can create a natural oligopoly. (2 points) The Coase theorem implies that we never need to worry about regulating c. negative externalities as long as we only assign property rights to the polluter. d. (2...
all question NAME TLAST NAME FIRST NAME MARKET FAILURE In the market het for information, sales...
all question
NAME TLAST NAME FIRST NAME MARKET FAILURE In the market het for information, sales that were made on the este et sellers from making enfonce contracts that were mandmise d ailers trom providing information to ade on the line info ck perfect information about pred price the outcome will be efficient because prevent selle nebo en consumers lack perfect info under perfectly competitive condi me may no t because duct that is available for price else they will...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. The environmental damages caused by throwing away the coffee pods is an example of a: a Positive externality (6. Negative externality c. Private cost d. Private benefit Consider the market for coffee in the graph to the right. 1. Left unregulated, what...
PROBLEMS AND APPLICATIONS 1. Think about the goods and services provided by your local government. a....
PROBLEMS AND APPLICATIONS 1. Think about the goods and services provided by your local government. a. Using the classification in Figure 1, explain which category each of the following goods falls into: police protection e snow plowing , education e rural roads city streets b. Why do you think the government provides items that are not public goods? 2. Both public goods and common resources involve externalities a. Are the externalities associated with public goods generally positive or negative? Use...
Question 1: For this question, ignore any externalities that might be associated with the production of...
Question 1: For this question, ignore any externalities that might be associated with the production of honey. Graphically indicate the demand (D0) and Supply (S0) and the equilibrium in the market for honey. Show the equilibrium price and quantity, Q0 and P0. Indicate on your graph the areas of consumer surplus and producer surplus. What is the output level the Benevolent Dictator would like to see in this market? Why? Question 2: Now suppose that scientists have discovered that the...
Question 21 (1 point) Its false that radio is a prime example of a private market...
Question 21 (1 point) Its false that radio is a prime example of a private market producing a nonexcludable public good True False
Suppose that the income elasticity of demand for good X is positive but less than 1. Other things being equal, which of...
Suppose that the income elasticity of demand for good X is positive but less than 1. Other things being equal, which of the following statements is incorrect? O A. Good X is a normal good. OB. The quantity demanded of good X decreases as a consumer's income declines. OC. A consumer buys more X as income rises, but the share of income spent on good X falls. OD. A consumer buys more X as income rises and the share of...
Question 14 (1 point) Which of these is a pure public good? a) 1-95 b) flu shots c) a public park d) environmental protection Question 15 (1 point) If an unregulated industry generates pollution, the market price is than the socially optimal price, and the market quantity is than the socially optimal quantity. a) greater; greater b) less; greater c) less; less d) greater; less
Question 6 (1 point) If we assume that the production process of good X results in a negative externality, then we can conclude that the market output level of X exceeds the socially optimal level of output. True False
Question 6 (1 point) The following equations represent the MWTP (demand) function and the private MC functions in the market for some good where a negative externality (such as pollution) results in damages of $12 per unit of the good produced. MWTP 400 QD MPC 55+0.5QS The market equilibrium level of output will be equal to units. Question 7 (1 point) The following equations represent the MWTP function and the private MC function in the market for some good where...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight loss because more of the a. good should be produced, not less. b. (2 points) Economies of scale and limited demand can form a natural barrier to entry that can create a natural oligopoly. (2 points) The Coase theorem implies that we never need to worry about regulating c. negative externalities as long as we only assign property rights to the polluter. d. (2...
all question
NAME TLAST NAME FIRST NAME MARKET FAILURE In the market het for information, sales that were made on the este et sellers from making enfonce contracts that were mandmise d ailers trom providing information to ade on the line info ck perfect information about pred price the outcome will be efficient because prevent selle nebo en consumers lack perfect info under perfectly competitive condi me may no t because duct that is available for price else they will...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. The environmental damages caused by throwing away the coffee pods is an example of a: a Positive externality (6. Negative externality c. Private cost d. Private benefit Consider the market for coffee in the graph to the right. 1. Left unregulated, what...
PROBLEMS AND APPLICATIONS 1. Think about the goods and services provided by your local government. a. Using the classification in Figure 1, explain which category each of the following goods falls into: police protection e snow plowing , education e rural roads city streets b. Why do you think the government provides items that are not public goods? 2. Both public goods and common resources involve externalities a. Are the externalities associated with public goods generally positive or negative? Use...
Question 21 (1 point) Its false that radio is a prime example of a private market producing a nonexcludable public good True False
Suppose that the income elasticity of demand for good X is positive but less than 1. Other things being equal, which of the following statements is incorrect? O A. Good X is a normal good. OB. The quantity demanded of good X decreases as a consumer's income declines. OC. A consumer buys more X as income rises, but the share of income spent on good X falls. OD. A consumer buys more X as income rises and the share of...
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