To classify: The given items as private, public, common resource or natural monopoly goods.

Question

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Answer 1

Question

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

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Students have asked these similar questions

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 computer

A Day in the Life:The Johnson's are you average American family living in the average community in suburban Los Angeles.The family consists of mom and dad, Martha and HowardTwo children, Sally and Bobby, & A dog, Franklin. From "A Day in the Life," categorize each of the following examples (A-C) that best fits the description: Public Good, Common Resource, Private Good, or Club Good. 1.The day begins with Howard going off to work at the ad agency on the (A) crowded freeway heading toward the city of Pasadena for an 18-mile commute. 2.Sally dresses up for school to attend (B) classes at West Covina High School (a public school). 3.Bobby heads off to his (C) middle school (Jubilee Christian School), which is a church-based private school. 1) (Example A)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good 2) (Example B)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good 3)…

A Day in the Life:The Johnson's are you average American family living in the average community in suburban Los Angeles.The family consists of mom and dad, Martha and HowardTwo children, Sally and Bobby, & A dog, Franklin. From "A Day in the Life," categorize each of the following example A that best fits the description: Public Good, Common Resource, Private Good, or Club Good. 1.Once home, the family gathers in the family room to finish out the day (A) watching TV, using the Spectrum Cable. 1) (Example A)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good

Answer 2

Question

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

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Answer 4

Question

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

Answer 6

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

Answer 7

Chapter 11, Problem 1SPPA

To determine

To classify:

The given items as private, public, common resource or natural monopoly goods.

Answer 8

Expert Solution & Answer

Explanation of Solution

New Year's Eve celebration in Times Square, New York is classified as the public goods. This is because it is a free event open for all public and no one can be excluded from having it.

A city's sewer system is classified as a natural monopoly because its construction cost is very high and so few firms can build it.

The subway system in New York can be considered as public goods. The subway system can be used by many people at a time and it does not hold the concept of rivalry and excludability.

A skateboard is classified as private goods since it is excludable and rival in nature. The person who pays for it and owns it can only use it.

Cable TV is classified as private goods since it possesses the nature of rivalry and excludability. The person who pays for it can only have its benefits.

Niagara Falls is classified as a common resource since it is a natural resource. It can be seen by anybody and cannot be used as a private goods.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Public goods:

Public goods are considered as goods which can be used by one person at a time. These goods do not reduce the availability of the same for other.These goods are non-rival and non-exclusive.

Private goods:

Thegoods for which the person who pays for it can only use it is termed as private goods. These goods are rival and exclusive both.

Common resource:

Common resource is referred for those goods that are costly in nature; and are non-excludable but are rival goods.

Natural monopoly goods:

Natural monopoly goods are produced by natural monopoly market and typically have very high fixed costs of production implying that very few can bear their production costs.

Answer 12

Ch. 11 - Prob. 1SPPA Ch. 11 - Prob. 2SPPA Ch. 11 - Prob. 3SPPA Ch. 11 - Prob. 4SPPA Ch. 11 - Prob. 5SPPA Ch. 11 - Prob. 6SPPA Ch. 11 - Prob. 7SPPA Ch. 11 - Prob. 8SPPA Ch. 11 - Prob. 9SPPA Ch. 11 - Prob. 10SPPA

To classify: The given items as private, public, common resource or natural monopoly goods.

To classify: The given items as private, public, common resource or natural monopoly goods.

Explanation of Solution

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Chapter 11 Solutions

To classify:

The given items as private, public, common resource or natural monopoly goods.