Economics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280595
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Question
Chapter 15, Problem 4TY
To determine
Identify public and private goods.
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Chapter 15 Solutions
Economics: Principles and Policy (MindTap Course List)
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- What is cost–benefit analysis of public goods?Why is it important? Why is it hard?arrow_forwardCan you think of some social costs or issues that are not included in the marginal cost to the firm? Or some social gains that are not included in what people pay for a good?arrow_forwardPlease 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_forward
- Describe in your own words what you think is meant by the term sustainability. List three ways that students, faculty, and administrators are seeking to make their campuses more sustainable.arrow_forwardIs it possible to ration public goods? If yes what devices will you use to ration them? If not, why?arrow_forwardSee attached regarding an environmental issue. I chose pollutants from boats in the ocean.arrow_forward
- Why do governments (city, state or national) often provide funding for creating and maintain public parks? What incentives may cause businesses to contribute to park funding?arrow_forwardHow does the plastic pollute the environment in Bangladesh during the year 2018-2022. Detail explanation in 1500 words with all the data.arrow_forwardIn a world of limited resources, should an automobile dealership be more concerned with the cleanliness of its car showroom or the cleanliness of the restrooms?arrow_forward
- Which of the following are public goods? a. Air bags b. Pencils c. Cycle helmets d. City streetlights e. Contact lensesarrow_forwardExplain using the real life examples. Public goods are free of cost.arrow_forwardWhat public policy approach would be most reasonable to protect consumers from harmful products? How might market and economic forces play a role in protecting consumers?arrow_forward
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