3. Indicate whether the following are private goods, club goods, common-resource goods, or public goods: a. A bacon double cheeseburger b. An NHL hockey game between the Detroit Red Wings and Boston Bruins c. A Fourth of July fireworks show d. A swimming pool
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- Name two public goods and explain why they are public goods.The Gizmo Company is planning to develop new household gadgets. Table 13.4 shows the companys demand for financial capital for research and development of these gadgets, based on expected rates of return from sales. Now, say that every investment would have an additional 5 social benefit—that is, an investment that pays at least a 6 return to the Gizmo Company will pay at least an 11 return for society as a whole; an investment that pays at least 7 for the Gizmo Company will pay at least 12 for society as a whole, and so on. Answer the questions that follow based on this information. If the going interest rate is 9, how much will Gizmo invest in R. How much will the firm invest if it also receives the social benefits of its investment? (Add an additional 5 return on all levels of investment.)3. For each of the following goods or services, would you classify it as a public good, a local public or club good or congestible good, or a private good (with or without externalities)? Explain your choice. Could some of them fall in one or another category depending on the assignment of property rights? • the Supreme Court • a local magistrate’s court • the interstate highway system • college education • a beach • the stars at night viewed from outdoors • the stars viewed at a planetarium
- What are the two characteristics of public goods? Explain the signifificance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? How about satellite TV? Explain.1. What characteristic of public goods makes it very difficult for private firms to provide (or provide the correct amount of) the public good? What "problem" does this characteristic lead to that generally results in the need for the government to provide the public good? Explain this "problem." 2. List 5 distinct examples of public goods.1. Give 1 example of each type of private goods, common goods, club goods, and public goods? 2. give an argument why the item is private goods or common goods or club goods or public goods?
- Tell whether each of the following goods is best characterized as (1) a private good; (2) a public good; (3) an open-access resource; or (4) a club good. briefly explain (a) A video game (b) Clean water (swimmable, fishable, drinkable) (c) Landscaping at a public university (d) News website (e) An electric utility (F) National defense (g) A laptop computerWhat are the definitions of local public goods, club goods and congestible goods?Econ 2200W Homework #1 (Ch 5 & 6) Classify each of the following goods or services as private goods, public goods, quasi-public goods, or common resources.(Refer to Figure 5.7 on page 165) A net-work television broadcast of baseball’s World Series( ) Home mail delivery ( ) Education in a public school ( ) Education in a private school ( ) Hiking in a park surrounded by a fence ( ) Hiking in a park not surrounded by a fence ( ) An apple ( ) Congested toll roads ( ) Congested nontoll roads ( ) Uncongested toll roads ( ) Uncongested nontoll roads (…