Principles of Microeconomics (12th Edition)
12th Edition
ISBN: 9780134078816
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 3.4P
(a)
To determine
Identify the public good.
(b)
To determine
Identify the public good.
(c)
To determine
Identify the public good.
(d)
To determine
Identify the public good.
(e)
To determine
Identify the public good.
(f)
To determine
Identify the public good.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Classify the good as either: (1) private good, (2) club good, (3) common resource, (4) pure public good. Briefly explain your answer
Circumferential Road 5 (C-5 Road)
Chapter 8 in Tietenberg and Lewis looks at climate change, the most important environmental issue of our time. Economists generally agree that putting a price on carbon is the best approach to reducing climate warming carbon emissions. The two main strategies for doing this are carbon taxes and the cap and trade version of emissions trading. Discuss the pros and cons to these two approaches to pricing carbon. Why do economists favor these kinds of market-based strategies to pollution control over “command and control” approaches such technology standards?
3. The following is quoted from Global News "British Columbians could be fined $230 for not wearing a mask in indoor, public spaces" by Richard Zussman on November 24, 2020. "Provincial health officer Dr. Bonnie Henry was reluctant to put in a mandatory mask policy but decided to support the policy after concerns were raised by businesses about enforcing a mask requirement." Many people would not wear masks in public indoor spaces before the mandatory mask policy was enforced. What kind of market failure do you think exist in this case? How does the $230 fine help address this market failure?
Chapter 12 Solutions
Principles of Microeconomics (12th Edition)
Knowledge Booster
Similar questions
- Is the following good a private good, a public good, a common resource, or a club good? Explain why the good is rival or non-rival and excludable or non-excludable. An oil pipelinearrow_forwardThe graph shows the marginal benefit and marginal cost of a waste disposal system in a city of 1 million people. What is the efficient capacity of the waste disposal system and how much does each citizen pay in taxes? The efficient capacity is ... million gallons a day. If the city installs the efficient capacity, each person pays ... in taxes.arrow_forwardRewrite this text; The Ultra Low Emission Zone (ULEZ) is a policy implemented in certain areas to reduce air pollution by charging vehicles that do not meet specific emission standards. To provide a summary of the main changes brought in by ULEZ, I will refer to the information from the BBC News article and the research briefing from the UK Parliament's Commons Library.According to the BBC News article, the ULEZ policy was introduced in London in April 2019 and expanded in October 2021. The main change brought by ULEZ is the requirement for vehicles entering the zone to meet strict emission standards. Petrol vehicles must meet Euro 4 standards, while diesel vehicles must meet Euro 6 standards. Non-compliant vehicles are subject to a daily charge. The ULEZ policy aims to improve air quality and reduce harmful emissions, particularly nitrogen dioxide and particulate matter.One potential benefit expected to arise from the introduction of ULEZ is the improvement in air quality. The…arrow_forward
- Kenji and Paolo are considering contributing toward the creation of a building mural. Each can choose whether to contribute $300 to the building mural or to keep that $300 for a new suit. Since a building mural is a public good, both Kenji and Paolo will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.70 of benefit. For example, if both Kenji and Paolo choose to contribute, then a total of $600 would be contributed to the building mural. So, Kenji and Paolo would each receive $420 of benefit from the building mural, and their combined benefit would be $840. This is shown in the upper left cell of the first table. Since a new suit is a private good, if Kenji chooses to spend $300 on a new suit, Kenji would get $300 of benefit from the new suit and Paolo wouldn't receive any benefit from Kenji's choice. If Kenji still spends $300 on a new suit and Paolo chooses to contribute $300 to the…arrow_forwardExplain which of the following cases are classified as (A, B, C, or D) : (A) Negative Externality of Production or (B) Negative Externality of Consumption or (C) Positive Externality of Production or (D) Positive Externality of Consumption: A farmer who uses pesticides to produce vegetables A person planted ornamental trees along Salahiddeen street Creative laboratories which try to find vaccine for COVID 19arrow_forward9. Briefly explain how public policy makers use the tools of Cost Benefit Analysis to decide whether a public project should be undertaken.arrow_forward
- What type of good is each of the below: 000 Fish in a lake A crowded beach Traffic Lights National Defense A non-crowded beach iPads Netflix 1. Club Goods 2. Common Resources 3. Private Goods 4. Public Goodsarrow_forwardHubert and Manuel are considering contributing toward the creation of a water fountain. Each can choose whether to contribute $300 to the water fountain or to keep that $300 for a cell phone. Since a water fountain is a public good, both Hubert and Manuel will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.70 of benefit. For example, if both Hubert and Manuel choose to contribute, then a total of $600 would be contributed to the water fountain. So, Hubert and Manuel would each receive $420 of benefit from the water fountain, and their combined benefit would be $840. This is shown in the upper left cell of the first table. Since a cell phone is a private good, if Hubert chooses to spend $300 on a cell phone, Hubert would get $300 of benefit from the cell phone and Manuel wouldn't receive any benefit from Hubert's choice. If Hubert still spends $300 on a cell phone and Manuel chooses to…arrow_forwardEcon 2200W Homework #1 (Ch 5 & 6) Classify each of the following goods or services as private goods, public goods, quasi-public goods, or common resources.(Refer to Figure 5.7 on page 165) A net-work television broadcast of baseball’s World Series( ) Home mail delivery ( ) Education in a public school ( ) Education in a private school ( ) Hiking in a park surrounded by a fence ( ) Hiking in a park not surrounded by a fence ( ) An apple ( ) Congested toll roads ( ) Congested nontoll roads ( ) Uncongested toll roads ( ) Uncongested nontoll roads (…arrow_forward
- Question: what are the fundamental techniques to balance the natural environment? briefly explain note: this question is related to the environmental economicsarrow_forwardJohn Stossel’s Video “GREED,” by ABC News. 45-minute videoGreed (ABC 20/20 - 1998) (with English subtitles) - YouTube 1. If greed in some measure seems to be a rather universal characteristic, is it possible channel or directit to achieve good results or socially acceptable ends? Explain .2. The poet John Donne said “No man is an island, entire of itself; every man is a piece of the continent,a part of the main...” As you recall Mr. Stossel’s steak dinner, explain what would undoubtedly happento your personal standard of living if you were live a completely self-sufficient life-style? What wouldyou spend most of your time doing? 3. Would it ever be logical – be in your best interest to turn down a pay raise? 4. Explain how people respond to incentives and how markets turn self-interested behavior to thebenefit of consumers.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning