Answered: There is often litter along highways…

Business

Economics

There is often litter along highways but rarely inpeople’s yards. Provide an economic explanation forthis fact.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 7PA

See similar textbooks

Related questions

Q: The production of steel causes air pollution. Assume that the damage done by this pollution can be…

A: Externality refers to the economic situation in which the economic activity of the producer or…

Q: Econ Return to Activity Score Mentor Mega Beans Market Booming Berries Booming Berries Materials…

A: To answer this question, we will use the following diagram.

Q: 4. Open Access/Tragedy of the Commons: Suppose that an underground aquifer can be accessed by a…

A: Given; Cost of well per day= $30 Price of water= $1 per gallon Total Revenue= Price of water×Total…

Q: 5. An ecological efficiency of 10% in a marine ecosystem means that energy consumed at one trophic…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A public service official is appraising a project proposal for a project to be done by a domestic…

A: Given, Benefits cost- $3000 Market Cost- $1550 Tax- $700

Q: Decisions for Tomorrow Calculate the annual household cost of a carbon-free program if the program…

A: Given data: Total cost of program, C=$6.6 trillion Total time, t=10 years

Q: 3. A chemical factory discharges waste product into a river. The waste kills many salmon that are…

A: As we answer 3 subparts only and the question has more than 3 subparts, we would be answering the…

Q: Total Benefit Per Total Cost Per Year Year Plan A Levees $10,000 $ 16,000 %3D Plan B = Small…

A: Marginal benefits are the most extreme sum a buyer will pay for an extra decent or administration.…

Q: Diagram, show how external effects can change supply and demand in electricity generation.

A: Demand is the utility for a good or service of an economic agent relative to a budget constraint.…

Q: (a) Why does an 'external social cost' lead to inefficient overproduction? (b) The table below…

Q: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table shows the total…

A: (a) The formula for marginal cost and margin al benefits are as follows.

Q: Many restaurants have chosen not to serve shark fin soup, while many others continue to serve it.…

A: Due to growing Western disapproval and a crackdown on corruption and extravagant consumption, shark…

Q: Please explain the economic and environmental benefits of the city of Kelsey's energy efficiency…

A: Economic benefit would be energy for maximum people.People would get low cost petrol,diesel,cooking…

Q: Explain the economic in macro environmental analysis

A: Economics refers to social science that concerns itself with the production, consumption, and…

Q: Number in herd Annual crop loss Crop loss per additional steer (Steers) (Tons) (Tons) 1 2 2 3 4 10 4…

A: Given information Price of selling output=$3.5 per steer Cost of crop damage is $1 ton Number of…

Q: What are the macro-environmental factors (pestel analysis) of Implementing/Activating an Emergency…

A: PESTEL analysis is important for organization.

Q: There are costs/effects associated with pollution control. Discuss two costs to the U.S economy. In…

A: Externalities refers to the spillover effects of one person economic activities to another's…

Q: True or False If it costs $1 million to remove 90% of some pollutant from industrial…

A: Industrial wastewater treatment generally consist of 3 to 4 steps of treatment i.e., Primary…

Q: The Al-Habsi family owns a big farm in Rustaq. Three choices exist for how to use the farm: i Grow…

A: The family can utilize the farm to grow: Garlic - 70 bags per acre is quantity, price is RO3.5 per…

Q: Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and b deciding…

A: *Answer: Cleaning of polluted lake will rise the positive externalities and society will benefit…

Q: Your neighbors pay annual dues to a neighborhood association. This association refunds neighborhood…

A: Externalities mean uncompensated economic effects of production and consumption that affect…

Q: 750 permits b. How many pollutants should be cleaned up every year? 250 units c. Assume that there…

A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…

Q: What policies are most relevant to promoting a transition to renewables? Is this likely to occur…

A: Environmental economics is a part of economics that deals with the societal impact of environmental…

Q: Which of these situations would give rise to the free-rider problem? ltems (6 items) (Drag and drop…

A: Free rider prolem arises due to high consumption of a good or services. It is condition when any…

Q: 5- Which of the following can not be regarded as one of the sustainability tips? a) use rechargable…

A: Sustainability- Sustainability is defined as maintaining something at a level. In simple words,…

Q: NOT include dollar signs or units, as I have already provided them for you in the problem. pose you…

A: Optimal level is achieved where MSB=MSC

Q: There is often litter along highway but rarely in peoples yards. Provide an economic explanation for…

A: The externalities are the incidence of one party's actions affecting another uninvolved party.…

Q: tant are MD

A: Given : Total pollutants=500 tons Damages MD=10e MAC=10+5a

Q: 3. The total (abatement) cost for cutting down on CO2 by R is C(R) = 7R² + 10R. The total benefit of…

A: Externalities are the third person thing. It is usually the harm/benefits caused by the producer…

Q: Describe briefly, the hedonic price method of estimating benefits. Use an environmental example to…

A: The Hedonic price method of estimating benefit is defining as the valuation process in which…

Q: (a) Some argue that excessive disposal of waste/litter in international waters occurs due to poorly…

A: Development along with the environment protection in order to keep the resources for next generation…

Q: a. Using the information in Table 12.13 calculate the marginal costs and marginal benefits of…

A: Solution 43) Consider the above given that Total Cost(TC) Total benefit(TB) Marginal Cost(MC)…

Q: Graph the following data on social and market demand: Im pretty sure I have the graph correct but I…

A: Given: To Find: Whether this product has external benefits or external costs: How large ($) is…

Q: a. What level of emissions does cach firm choose? Explain how they respond to the emissions tax. b.…

A: Marginal abatement Cost - The expense of eliminating environmental disadvantages such as pollution…

Q: Consider the decision to adopt a dog. Describe aprivate cost, a private benefit, an external cost,…

A: An externality occurs when the consequences of an economic transaction are borne by a third party…

Q: MD-MB Total Emissions 600 1000 nvironmental regulations do not restrict pollution by this industry,…

A: In economics, the marginal cost is the change in the aggregate cost that increases when the quantity…

Q: (External Costs with Variable Technology) Think of an industry that pollutes the water and has…

A: When a third party receives benefits or costs while consuming or producing a good or service it is…

Q: The market equilibrium quantity is tons of bolts, but the socially optimal quantity of bolt…

A: Answer: Let us first draw the social cost curve to find the socially optimal quantity. According to…

Q: 5) Mr. Leon is at it again! He vandalized a public park. Now society has to clean it up. Based on…

A: The socially optimal degree of pollution exists when the marginal value of the last unit of…

Q: Please explain in simple words the environmental management and responding to climate change and…

A: The present state of the environmental crisis is such that focussed, intended frameworks are much…

Q: Which three major characteristics of environmental sustainability which are most important?

A: Environmental sustainability refers to the situation when an economy has the ability to maintain the…

Q: The private Marginal benefits for cassava is given by 30-3X where X is the number of cassava…

A: Externalities refer to the costs or benefits of an economic transaction, incurred by a third party…

Q: Share your experiences of any environmental catastrophe in your surroundings and what steps could be…

A: Environmental catastrophe is both a cause and a result of disasters, lowering the environment's…

Q: How are nature and landscape conservation currently regul

A: There were provision for nature conservation in UK since 1949 . There were laws which were added…

Q: Jay is a smoker living in city A. The price for a pack of cigarettes is $6 in city A. The benefit of…

A: The private cost is any cost that a person or firm pays in order to buy or produce goods and…

Q: Country B Reduce Doesn't reduce emissions emissions Reduce 4,4 Country A emissions 1,5 Doesn't…

A: Nash equilibrium is the optimum strategy where each player has no incentive to deviate.

Q: Income quintile 6 1. New homes built on floodplains 7 Baseline New home purchases on floodplains by…

A: The price elasticity of demand (Ped) can be defined as a measurement of change in the quantity when…

Q: 7. The table below provides information about the growth of a pine forest in Georgia. The price of…

A: We are going to use the given table of benefits from timber forest across the life time of it, to…

Question

There is often litter along highways but rarely in
people’s yards. Provide an economic explanation for
this fact.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A city currently emits 15 million gallons (MG) of raw sewage into a lake that is beside the city. Table 12.13 shows the total costs (TC) in thousands of dollars of cleaning up the sewage to different levels, together with the total benefits (TB) of doing so. Benefits include environmental, recreational, health, and industrial benefits. Using the information in Table 12.13 calculate the marginal costs and marginal benefits of reducing sewage emissions for this City. What is the optimal level of sewage for this city? How can you tell?
There is often litter along highways but rarely inpeople’s yards. Provide an economic explanation forthis fact.
What are the macro-environmental factors (PESTEL) of having an Emergency Response Team at work? Please state for each (PESTEL): Political, Economic, Social, Technological, Environmental Legal
(c) Indicate a (license) fee, in pesos per day, that the government could charge to achieve the socially efficient (i.e. profit maximizing) number of wells.
Many 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.
Which of the following are practical and effective policies to deal with carbon emissions caused by driving a car? A) A quota on individuals to limit their driving B) A tax on petrol C) Ownership of all affected assets D) Coasian bargaining (one side paying the other side to drive or not to drive)
Describe briefly, the hedonic price method of estimating benefits. Use an environmental example to illustrate your answer. Explain why this valutation
Consider the decision to adopt a dog. Describe aprivate cost, a private benefit, an external cost, andan external benefit that result from your decisionto adopt a dog.
a. The socially optimal level of production is ____units. b. But, the market will end up producing ____units a. The socially optimal level of production is how many units? b. The market will end up producing how many units?
See attached regarding an environmental issue. I chose pollutants from boats in the ocean.
A steel foundry emits fumes that lead to a marked reduction in air quality for localinhabitants. a) Draw a diagram to show that at the foundry’s profit maximising output marginalsocial cost exceeds marginal private cost.
A company's marginal costs for emission reduction (MAC) can be expressed as MAC = 2A, where A is abatement in tonnes. MAC is expressed in USD. Assume that the company's total emissions inthe starting position is 100 tons. a) Assume that the authorities now decide on a limit value which means that the company may not emit more than 30 tonnes. What is the total cost for the company to live up to this limit? b) A research team consisting of both ecologists and economists concludes that the marginal benefit (per tonne) of reducing emissions is constant and equal to USD 100. How high is the socio-economically optimal level of emissions (for the individual company) given thisinformation? c) Assume that a system for trading in emission rights is established. The company in question is allocated 30 emission rights (where each right corresponds to one tonne). If the price of emission rights is USD 120 (per tonne), will the company be a buyer or a seller of emission rights and if so, how many…