Homework Answers
Pigou put forward taxes as a way to combat negative externalities known as Pigouvian tax and Coase put forward property rights as way to overcome negative externalities in his famous Coase theorem. The answer is option (b).
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A. C. Pigou and R. Coase had different ideas for how to address the market inefficiency...
Question: Assume Andy’s and Helen’s behavior at home is partially regulated by their condominium association, which...
Question: Assume Andy’s and Helen’s behavior at home is partially regulated by their condominium association, which acts as a small “voluntary government” for its residents. a) Per the Coase Theorem, how might the condominium association assign property rights across Andy and Helen so that a socially optimal level of radio playing is realized? Please explain how a particular assignment of rights would work towards achieving this goal. 3pt b)Your answer from Q3(a) should say something about the market for externalities...
Specifically answer this prompt: Have you ever experienced a negative or positive externality? Specifically identify the...
Specifically answer this prompt: Have you ever experienced a negative or positive externality? Specifically identify the "consumers" and the "producers" in the market, and how you were affected by that market. Specifically explain what the positive or negative externality is, and if possible give a dollar value of that positive or negative externality. Use either government regulation or the Coase Theorem in your response and be specific on the type of regulation (e.g. taxes, subsidies, command & control). One example...
Questions 1. Give two examples of goods that are associated with positive externalities. Do not use...
Questions 1. Give two examples of goods that are associated with positive externalities. Do not use the examples given in your textbook. 2. Suppose production of a good results in a negative externality. a. What is the relationship between the social cost of the good and the private cost of the good? b. What is the relationship between the market quantity of the good and the socially efficient quantity? c. What is one way the government can intervene in the...
QUESTION 10 The regulatory approach for global waming that is the most efficient is by: price....
QUESTION 10 The regulatory approach for global waming that is the most efficient is by: price. subsidies. quantity taxing profits. QUESTION 11 One implication of the Coase Theorem (per class discussion) market failure is the primary cause of most externalities. "everyone is guilty and that at least some of the "blame for any of externality falls on all of the parties. a Pigouvian tax is usually the best approach to force internalization of externalities. the party that causes the externality...
17. Which is NOT A) B) C) institution T an institution that leads to sustained long-term...
17. Which is NOT A) B) C) institution T an institution that leads to sustained long-term economic growth? a dependable legal system a stable political system an honest government ) a more equal income distribution 18. Institutions: A) are not important in market economies B) structure economic incentives C) matter only when backed by law D) are only important in market economies upkep is cale d oumes a resource without working or contributing to the resource's upkeep is called a(n):...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist but only in the presence of government regulation if consumers have more information...
THUMBS UP ? ? ? ? ? for correct answer. 17 QUESTION 13 A competitive market...
THUMBS UP ? ? ? ? ? for correct answer.
17
QUESTION 13 A competitive market economy is unlikely to provide an efficient quantity of some public goods because: the technology involved in the production of public goods makes it difficult for private firms to produce them even though, once produced, they could be marketed efficiently. Ob.only the government has the vast resources necessary to produce public goods. C. private production of public goods generally results in a large amount...
men u nchsp course assessment_id 1333381_1&course_id 1773666 1&content id=43280655 1&step rul - QC Li...
men u nchsp course assessment_id 1333381_1&course_id 1773666 1&content id=43280655 1&step rul - QC Libraries Queens College Question Completion Status QUESTION 36 2 points Average total cost is very high when a small amount of output is produced because average variable cost is high average fixed cost is high marginal cost is high marginal product is high 2 points Save Arts QUESTION 37 Average total cost is increasing whenever total cost is increasing marginal cost is increasing marginal cost is less...
The most influential theory of corporate responsibility of the past century is: the free society economic theory. the...
The most influential theory of corporate responsibility of the past century is: the free society economic theory. the neoclassical economic theory. the social contract theory. the stakeholder theory. In which of the following ideas are the ethical roots of the economic model of corporate social responsibility found? The interests of stakeholders are as important as the interests of the corporation's stockholders. Managers are ethically obliged to make as much money as possible for their stockholders because to do otherwise would...
Question: What does Hobbes suggest is the reason we have government at all? How does Locke’s...
Question: What does Hobbes suggest is the reason we have government at all? How does Locke’s view of the need for government differ? Using these sources: From Thomas Hobbes, Leviathan book 1, chapter 13 So that in the nature of man, we find three principal causes of quarrel. First, competition; secondly, diffidence; thirdly, glory. The first maketh men invade for gain; the second, for safety; and the third, for reputation. The first use violence, to make themselves masters of other...
Questions 1. Give two examples of goods that are associated with positive externalities. Do not use the examples given in your textbook. 2. Suppose production of a good results in a negative externality. a. What is the relationship between the social cost of the good and the private cost of the good? b. What is the relationship between the market quantity of the good and the socially efficient quantity? c. What is one way the government can intervene in the...
QUESTION 10 The regulatory approach for global waming that is the most efficient is by: price. subsidies. quantity taxing profits. QUESTION 11 One implication of the Coase Theorem (per class discussion) market failure is the primary cause of most externalities. "everyone is guilty and that at least some of the "blame for any of externality falls on all of the parties. a Pigouvian tax is usually the best approach to force internalization of externalities. the party that causes the externality...
17. Which is NOT A) B) C) institution T an institution that leads to sustained long-term economic growth? a dependable legal system a stable political system an honest government ) a more equal income distribution 18. Institutions: A) are not important in market economies B) structure economic incentives C) matter only when backed by law D) are only important in market economies upkep is cale d oumes a resource without working or contributing to the resource's upkeep is called a(n):...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist but only in the presence of government regulation if consumers have more information...
THUMBS UP ? ? ? ? ? for correct answer.
17
QUESTION 13 A competitive market economy is unlikely to provide an efficient quantity of some public goods because: the technology involved in the production of public goods makes it difficult for private firms to produce them even though, once produced, they could be marketed efficiently. Ob.only the government has the vast resources necessary to produce public goods. C. private production of public goods generally results in a large amount...
men u nchsp course assessment_id 1333381_1&course_id 1773666 1&content id=43280655 1&step rul - QC Libraries Queens College Question Completion Status QUESTION 36 2 points Average total cost is very high when a small amount of output is produced because average variable cost is high average fixed cost is high marginal cost is high marginal product is high 2 points Save Arts QUESTION 37 Average total cost is increasing whenever total cost is increasing marginal cost is increasing marginal cost is less...
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