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- The rows in Table 12.7 show three market-oriented tools for reducing pollution. The columns of the table show three complaints about command-and-control regulation. Fill in the table by stating briefly how each market-oriented tool addresses each of the three concerns.Compare and contrast private and public goods. (received expert solution) Explain how the characteristics of a public good lend itself to having free-rider. (please solve this part) Give an example.Roommates D, E and F can buy paintings at $30 each for their dorms. Marginal benefits are MB of D = 100 - 2Q, MB of E = 200 - Q, MB of F = 300 - 2Q. a. What are the 2 properties of a public good? b. Explain the Free Rider problem. c. Aggregate the demand curves(vertical sum). d. Why are there kinks in the market demand curve? e. Calculate and illustrate the optimal quantity for this good? f. How should the costs of purchasing this quantity be allocated between the buyers?
- Two forms of market failures are ____ and ____. A. public goods ; externalities B. Pareto efficient allocations ; Kald0r-Hicks efficient allocations C. private costs ; social costs D. dead-weight loss ; Pigouvian taxThe satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes * a.Public benefit b.private benefit c.external benefit d.social benefit If it costs Levy $1.50 to prepare a burrito, that would reflect it's: a.social cost b.external cost c.private cost d.Public cost As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: * a.Underpriced b.Overproduced c.Under-produced d.Over-produced Full funding of tertiary level education is an example of a government: * a.Tariff b.Tax c.Subsidy d.LoanDefine and give an example of a public good. Can the private market provide this good on its own? Explain.
- The market for some public good consists of only two consumers, Elena and Talia. The marginal cost of providing this good is described by MC = 3 + 5Q. Elena's MWTP = 40 - 3Q and Talia's MWTP = 10 - 2Q. What is the socially-efficient quantity of this good? Round to the nearest whole unitNegative Externalities are:A. External BenefitsB. Non-excludableC. External CostsD. Non-Rivalous What term was coined by Adam Smith and is a metaphor for an economic guidance system that leads to desirable economic outcomes? A. Competition B. Price mechanism C. Capitalism D. "The invisible hand" What are the two characteristics of a public good? (Choose 2)A. External CostB. Non excludableC. External BenefitD. Non-RivalousA private good which creates no externalities is _____________________ by a free competitive market. A. Underprovided B. Overprovided C. Optimally provided
- The residents of Orléans, Ontario enjoy seeing fireworks over Petrie Island on Canada Day. Each of the community's 1000 residents places a $5 value on the experience. a. What are the defining characteristics of a public good? b. If the cost of putting on a fireworks display is $1000. Would it be socially optimal to have a Canada Day fireworks display in Orléans? c. Would the private market result in a fireworks display? d. Could governments provide a solution to achieving the efficient level of production?GOSI shopping complex has 100 stores all rented to communication shops and concerned about security. The table below shows the total costs of hiring security guards to ensure safety of customers and protect storeowners from being vandalized. The table also shows the marginal benefit to each one of the shops. Number of Total cost Marginal benefit for each shop Marginal benefit for all shops 1 300 10 2 600 4 3 900 2 4 1200 1 Explain why a security guard a public good for the shop owners at GOSI? If each shop owners act individually why zero guards will be hired Fill in the missing information in the last column in the table.From economic perspective, when is government intervention in the market justified?a) when there is an externality or there is an absence of clearly defined property rights (e.g. an absence of rules governing fishing on the high seas)b) when companies pursue profit maximization as their solve objective c) when consumers pursue only their own interests in reaching purchase decisionsd) all the abovee) none of the above
