Discussion: Externalities and Public Goods Is education a public good? Does education have external benefits? If...
Discussion: Externalities and Public Goods
Is education a public good? Does education have external benefits? If so, what are some of those public benefits? In your opinion are the external benefits large or small? Why? What should government do to promote the efficient provision of products that have external benefits? If you think that government should put more resources into education, what might be some of the opportunity costs of that decision? How would an economist determine the right amount of government support for education?
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Discussion: Externalities and Public Goods
Is education a public good? Does education have external
benefits? If...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
Question 3 [20 marks] (i) What is a public good and why does the market fail in the presence of a...
Question 3 [20 marks] (i) What is a public good and why does the market fail in the presence of a public good? (5) (ii) Explain how we can resolve this issue where the existence of a public good causes market failure. (5) (iii) Why will private markets produce an inefficient output of a public good? Explain how the efficient level of a public good is determined. (5) (iv) Education is frequently cited as a source of external benefits. In...
Climate change and the associated greenhouse gas pollutants have many of the characteristics of public goods. ...
Climate change and the associated greenhouse gas pollutants have many of the characteristics of public goods. a) Discuss the above statement. In what way can these be considered an issue of a public good? b) If the government uses command and control (e.g. legislative or technology restrictions) would the outcomes of the policy necessarily be efficient? (You should discuss your answer and may wish to use a diagram to support your argument and consider how efficiency may differ in terms...
Paragraph Styles Unit 8 - Market Failures: Externalities, public goods, natural resources The production of coffee...
Paragraph Styles 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. MSC MPC The environmental damages caused by throwing away the coffee pods is an example of a:1 Vertical (Value) Axis Major Gridlines a. Positive externality b. Negative externality c. Private costs d. Private benefits Consider the market for coffee...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be sold by the unit. b. one that is nonrival in consumption. c. one whose benefits are not subject to exclusion. d. both (b) and (c) 2. The marginal cost of providing a certain quantity of a pure public good to an additional consumer after it is provided to any one consumer is: a. zero. b. positive and increasing. c. positive and decreasing. d. positive...
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...
There have been discussions of free public education for the masses. Find and summarize an article...
There have been discussions of free public education for the masses. Find and summarize an article (or a politician's platform) that advocates for a free college education. Explain the pros and cons of such a plan based on sound economic analysis. Focus on potential unintended consequences and cite your work. Read the article named "How Tap water Became Toxic in Flint, Michigan" from the web and answer below questions. How do externalities apply to this situation? Who faces the third-party...
There have been discussions of free public education for the masses. Find and summarize an article...
There have been discussions of free public education for the masses. Find and summarize an article (or a politician's platform) that advocates for a free college education. Explain the pros and cons of such a plan based on sound economic analysis. Focus on potential unintended consequences and cite your work. Read the article named "How Tap water Became Toxic in Flint, Michigan" from the web and answer below questions. How do externalities apply to this situation? Who faces the third-party...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
Paragraph Styles 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. MSC MPC The environmental damages caused by throwing away the coffee pods is an example of a:1 Vertical (Value) Axis Major Gridlines a. Positive externality b. Negative externality c. Private costs d. Private benefits Consider the market for coffee...
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...
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