MindTap Economics, 1 term (6 months) Printed Access Card for Mankiw's Principles of Microeconomics, 8th (MindTap Course List)
8th Edition
ISBN: 9781337096560
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 11, Problem 4QR
To determine
Common resources.
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MindTap Economics, 1 term (6 months) Printed Access Card for Mankiw's Principles of Microeconomics, 8th (MindTap Course List)
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- Please solve part d,e and f!!! Three roommates, Jim, Saleem, and Ritesh, are thinking about buying a new speaker system for their apartment. The speaker system would be a public good if they buy them, and the total cost would be $300 which would be shared equally among the three. Jim values it at $80, Saleem values it at $140, and Ritesh values it at $70. If the speakers are purchased each person gets a payoff equal to their net valuation (valuation minus cost share); if they are not purchased each gets zero payoff. a)Is it socially efficient that they buy the speaker system? With reference to the definition of a public good, why or why not? The roommates decide that they will write down their net valuations, and if these reports sum to more than zero, they will buy the TV (sharing the cost equally), or else they will not. b) If all were to report their true valuations, what payoff would each agent earn? c) Show that if Jim and Ritesh submit their true net valuation, then Saleem does…arrow_forwardMany restaurants have chosen not to serve shark fin soup, while many others continue to serve it. Research the situation and discuss the possible reasons behind each of these decisions. Is there a way to balance human wants with economic and environmental impacts? Explain your reasoning.arrow_forwardWhich of the following best describes the Environmental Bottom Line of sustainability? Ecological regeneraton O A healthy eco-system A thriving Ecology Environmental well-beingarrow_forward
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