A global-positioning anti-theft device installed by one car owner can produce a positive spillover to other citizens in a community. Discuss the impact on the: (1)  Private benefit curve (2) Social benefit curve (3)  Private cost curve

Q: For a competitive market in long-run equlibrium to be Pareto-efficient... Select one: a. Firms do…

A: Marginal private cost (MPC) is the change in the producer's total cost brought about by the…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: The inverse demand curve for steel is P = 300 – Q, where price P is dollars per ton and output Q is…

A: Externality refers to the impact of production or consumption on the third party who is not involved…

Q: Define and give an example of a public good.  Can the private market provide this good on its own?…

A: A public good is one that is neither excludable nor a rival in the consumption of the people. This…

Q: Because public goods are jointly consumed, which of the following is obtained by summing the private…

A: The public good refers to the good which satisfies two conditions: Non rival in consumption and non…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: (i) The positive spillover due to the use of the global-positioning anti-theft device installed by…

Q: pizza, share all the pizzas and split the total cost evenly. A Tragedy of the Commons problem is…

A: Option (1).

Q: Aldous Snow teaches yoga classes in Central Park on Sunday mornings. Because he cannot force anyone…

A: Answer to the question is as follows:

Q: When should a private good be produced from an efficiency standpoint?  A.When the marginal cost…

A: Private good are those goods which are excludable and rivalrous .  Example ; food and clothing.…

Q: Determine whether the good is a private good, public good, artificially scarce good, or common…

A: a. Uncongested roads with toll booths upon entry A toll road that is not congested is excludable but…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: When the actions of one individual have spill over effects on the economy they are termed…

Q: ____________ includes both the private costs incurred by firms and also the (external) costs…

A: Private cost is the cost incurred by the firm on the production of goods. This cost includes the…

Q: Explain with the aid of an example what public goods are. Explain why public goods can be under…

A: There are different types of goods in the market, one is a private good and the other is a public…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: Positive exertnality of consumption is positive spill over effect on third party / society because…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: We are going to use Marginal benefit- Marginal Cost analysis to answer this question.

Q: When should a private good be produced from an efficiency standpoint?  a-When the sum of all of…

A: Private good refers to the good that is rivalrous as well as excludable. The private goods are…

Q: National defense is an example of a public good because a. it requires tax revenues to fund any…

A: National defense is a public good because it provide protection to everyone in the nation.

Q: Two consumers, M and N, have the following demand curves M: PM = 24 – 2Q  N:  PN = 48 – 4Q Where PM…

A: (a) Public goods: For public goods , economy marginal benefit curve can be calculated by vertically…

Q: Question 1 A global-positioning anti-theft device installed by one car owner can produce a positive…

A: We will use concepts such as Marginal Social benefits, Marginal Social Costs, Marginal Private…

Q: The marginal private benefit (downward sloping) and marginal private cost (upward sloping) curves…

A: Externality refers to the effect of production or consumption on third party which is not involved…

Q: explain why the positive externality associated with the production of a pure public good implies…

A: Externalities are side effects which are borne by the third parties.  Externalities could be…

Q: Explain why private solutions lead to suboptimal provision of public goods. Enumerate the ways that…

A: There are various types of goods. In economics, these can be classified as private goods, public…

Q: What are the efficiency and equity consideration when providing public goods?. Kindly explain

A: Public goods are those goods that are non-excludable and non-rivalrous in nature. Non-excludable…

Q: discuss in detail the nature of production, profit and costs within the public sector

A: The influence of government revenue, expenditure, and investment decisions is studied in public…

Q: Identify situations where free riding problem in consuming public good or common resource/good is…

A: The free-rider problem is a sort of market failure in the social sciences that happens when those…

Q: What is a public good? What are its two defining characteristics? Provide an example.

A: Public good are associated with the problem of Free Rider in which the people who do not pay for the…

Q: Explain the concept of public goods in terms of environmental economics.

A: Public goods are those goods which are freely available on the market and whose use does not affect…

Q: discuss in detail The nature of the public sector from the perspective of production, profit, costs.…

A: Introduction: The present notion of components of production is mostly drawn from a neoclassical…

Q: Describe free riding and public goods and illustrate why private firms cannot normally produce…

A: Private firm: A privately owned business is a firm held under private proprietorship. Privately…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Question 1 A global-positioning anti-theft device installed by one car owner can produce a positive…

A: Positive externality refers to the situation where the third party who does not involve in the…

Q: Define public goods

A: Public goods and private goods are important concepts of microeconomic theory. To understand…

Q: A local drama company proposes a new neighbourhood theatre in Vancouver. Before approving the…

A: Negative externality refers to the situation where the third party who does not involve in the…

Q: What are the essential characteristics of public goods? Why might it be difficult for private sector…

A: Pubic good is a good whose consumption by one do not reduce its availability to others and from…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: A spillover, in economics, refers to an event that is caused by a seemingly unrelated event. In…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: A loss or benefit generated by a product which is not economically accrued or obtained by that…