Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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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.
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Students have asked these similar questions
Identify the characteristics of a public good.
a. Why do public goods exist?
b. What is the problem that comes about due to public goods?
c. Which of the following are public goods: parks, police services, welfare payments to the poor, production of energy, space exploration?
d. Briefly describe how the free rider problem can be overcome.
e. Briefly explain why markets often have a difficult time producing public goods.
Question 4
In the small outback town of Korweingiboora there is one main street, one mile long, running
south to north. All 100 of the townsfolk live along the side of the street, fifty on each side. There
are two restaurants, A & B. One restaurant is located one quarter of a mile from the south end of
town. One restaurant is located at the end of the main street at the north end of town.
Korweingiboorans are willing to pay up to $30 for a restaurant meal.
(a) If restaurant A charges $20 for a meal and restaurant B charges $16 for a meal and the
cost per mile of traveling for the residents is $10 per mile, draw a diagram depicting
the location of the restaurants and the consumer surplus line of each.
(b) Draw on the same diagram the location of the marginal customer who is indifferent
between purchasing at the two restaurants.
(c) Calculate the location of the marginal customer.
(d) What is the total price (price + transport cost) paid by the marginal customer?
(e) How much consumer…
Categorize each of the following five goods as a Private Good, Common Good, Club Good, or Public
Good. Descriptions of each good will serve as hints. Remember, our textbook outlines only two
types of goods, see the notes and lecture video for the other two types.
a) An NPR (radio) signal - which is available to everyone with a radio, whether or not they contribute,
the signal does not diminish no matter how many people tune in. [Select]
b) A new Ford truck this can only be purchased by one person, you can not drive it off the lot
without paying for it. [Select]
c) A subscription to Disney+ - you can not have a subscription without paying for it, purchasing a
subscription does not lower the total number of subscriptions available.
[ Select]
d) A fireworks show on the 4th of July - the fireworks are visible to everyone in the town, whether or
not they contributed anything to the display, one person viewing the fireworks does not make them
less visible for anyone else. [Select]
e) A…
Chapter 12 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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