or has just finished a cup of coffee. He is sitting in his bus on his scheduled lunch break. He throws the cup out the window into a proper waste receptacle. Hi action are. A. Permissible, because he is on his lunch break. B. Permissible, because he threw the cup into a proper waste receptacle. C. Prohibited, because he is sitting in his bus. D. Prohibited, because he should not have thrown the waste out of the window. Waste. Sty
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- Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)?Two towns, each with three residents, are decidingwhether to put on a fireworks display to celebrate theNew Year. Fireworks cost $360. In each town, somepeople enjoy fireworks more than others.a. In the town of Bayport, each of the residentsvalues the public good as follows:Frank $50Joe $100Callie $300Would fireworks pass a cost–benefit analysis?Explain.b. The mayor of Bayport proposes to decide bymajority rule and, if the fireworks referendumpasses, to split the cost equally among allresidents. Who would vote in favor, and whowould vote against? Would the vote yield thesame answer as the cost–benefit analysis?c. In the town of River Heights, each of the residentsvalues the public good as follows:Nancy $20Bess $140Ned $160Would fireworks pass a cost–benefit analysis?Explain.d. The mayor of River Heights also proposes todecide by majority rule and, if the fireworksreferendum passes, to split the cost equallyamong all residents. Who would vote in favor,and who would vote against? Would…Two towns, each with three members_, arc decidingwhether to put on a fireworks display to celebrate theNew Year. Fireworks cost S360. (n each town, somepeople enjoy fireworks more than others.a. ln the town of Bayport. each of the residents valuesthe public good as follows:Frank $50Joe $100Call ie $300Would fi.rc\vorks pass a cost-benefit analysis?Explain.b. The mayor of Bayport proposes to decide bymajority rule and_, if the fi.re\\'Orks referendumpasses, to split the cost equally among allresidents. Who would vote in favor, and whowould vote against? Would the vote yield thesame answer as the cost-benefit analysis?c. ln the town of River Heights, each of the residentsvalues the public good aS follows:Nancy $20Bess $140Ned $160Would fireworks pass a cost-benefit analysis?Explain.d. The mayor of River Heights also proposes todecide by majority rule and, if lhc fireworksreferendum passes, to split the cost equally amongaU residents. Who would vote in favor, and \\•howould vote against?…
- a. What type of market failure would you categorize street lights that are not working? b. Base on the question above, discuss why the type of market failure occur. c. Suggest two relevant Government policies that would yeild the efficient outcome and explain the process through which the implementation of the policies will lead to optimal out come.5. A producer releases chemical waste into a stream. The negativeeffects of this release are not captured by the market leading to amarket failure. Suppose Q is the amount of chemical waste in thou-sands of barrels, and P is the price per barrel($). The marginal socialbenefit (MSB), marginal private cost (MPC), and marginal externalcost (MEC), respectively areMSB = 60 − 0.1QMPC = 5 + 0.2Q MEC = 0.2Q Calculate the allocative efficient quantity, price, and marginal profit.Note: MSB equals MPB since externality is on production side. Please show answer with explanation, Thank you.5. Assume James was asked by the local government to move out of his house because of the wild fire threat 10 miles away lives. He had to stay at a motel for one week and the additional living expenses amount to $1, Would the expenses be covered? If so, by which section of policy? Circle your answer. Coverage C Coverage D Coverage E Not covered 6. James negligently burns some leaves and causes his neighbor’s house to burn. The damage incurred by the neighbor is $170,000. a. Which coverage section is relevant here? Circle one: Coverage A Coverage B Coverage C Coverage E b. How much would the insurer pay? Circle one: $12,000 $60,000 $100,000 $120,000 $170,000 7. A living room window is broken in a hailstorm. The curtain (personal property) is water stained and must be replaced. The actual cash value of the damaged curtain is $200. Replacement cost is $300. a. Is hailstorm a covered…
- 3. A chemical factory discharges waste product into a river. The waste kills many salmon that are swimming upstream to spawn. While there will no doubt be other ecological damages from the chemical effluent, let's focus on those of fishery. Let E be tonnes of chemical effluent discharged per month. Then the marginal damage to fishery (measured in the terms of lost salmon stock) is MD = 8E. The chemical factory can reduce its effluent flows by treating its waste products. Its marginal abatement cost function is given by MAC = 800 – 10E. (a) Compute socially efficient equilibrium. (b) How does the liability for damages affect pollution level? Will the chemical factory change its emission levels in response to liability laws? (c) Will liability system automatically lead this polluter to a socially effi- cient level of emission (as calculated in a)? (d) Now, consider that the chemical factory has the right to use the river however it wants. It does not have to pay any compensation to…Assume that the marginal private costs of a film producing fuel-efficient can; is greater than the marginal social costs. Assume that the marginal private benefits of a firm producing fuel efficient cars are the same as the marginal social benefits. Discuss one wags.r that the government cans fly to increase production and sales of fuel efficient cars to the socially desirable amount. Hint: the government is flying to affect production through costs, net benefits.Identify the following situations as an example of a negative or a positive externality: You are a birder (bird watcher), and your neighbor has put up several birdhouses in the yard as well as planting trees and flowers that attract birds. Your neighbor paints his house a hideous color. Investments in private education raise your countrys standard of living. Trash dumped upstream flows downstream right past your home. Your roommate is a smoker, but you are a nonsmoker.
- In the Land of Purity, there is only one form of pollution, called gunk. Table 12.14 shows possible combinations of economic output and reduction of gunk, depending on what kinds of environmental regulations you choose. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured by the percentage reduction of gunk, and with the quantity of economic output on the vertical axis. Which choices display productive efficiency? How can you tell? Which choices show allocative efficiency? How can you tell? In the choice between K and L, can you say which one is better and why? In the choice between K. and N, can you say which one is better, and why? If you had to guess, which choice would you think is move likely to represent a command-and-control environmental policy and which choice is more likely to represent a market-oriented environmental policy, choice L or M? Why?From an economic perspective, is it sound policy to pursue a goal of zero pollution? Why or why not?Consider two approaches to reducing emissions of CO2 into the environment from manufacturing industries in the United States. In the first approach, the U.S. government makes it a policy to use only predetermined technologies. In the second approach, the U.S. government determines which technologies are cleaner and subsidizes their use. Of the two approaches, which is the command-and-control policy?