Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971493
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 22.2, Problem 2QQ
To determine
Applying median voter theorem.
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The average cost of landscaping services for members of a condominium community is $350 per week. Assume that the quantity of landscaping services is perfectly correlated with the number of gardeners per week. Suppose the community consists of seven residents, each with the identical marginal benefit curve for landscaping services. The marginal benefit of the first gardener is $100 per resident.
a) Assume that the efficient number of gardeners is three per week. What is the political equilibrium under majority rule if each voter is assigned a tax share of $50 per gardener per week? Does the political equilibrium under majority rule differ from the Lindahl equilibrium?
. Explain why it might be socially and economically optimal for a government to have a public policy that subsidizes students who attend and graduate college
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"No voting system is perfect." What does it mean by economist K. Arrow? Give a brief account on Condorcet Voting Paradox. A public school district is voting on the school budget and the resulting student-teacher ratio. A poll finds that 20 percent of the voters want a ratio of 9:1, 25 percent want a ratio of 10:1, 15 percent want a ratio of 11:1, and 40 percent want a ratio of 12:1. What outcome would you expect the district to
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- Economists James Buchanan and Gordon Tullock are well-known for developing Group of answer choices the impossibility theorem. the voting paradox. the public choice model. the concept of government failure.arrow_forwardSuppose a political candidate criticizes a government pollution permit policy that she says lets corporations buy and sell the right to pollute. She argues that our right to breathe and the future of our planet require real regulation instead of this type of government policy. Which of the following describes why most economists would disagree with her statement? A corrective tax would result in a more efficient outcome than either tradable permits or government regulation would. A free market in tradable pollution permits is typically more efficient than government regulation. Clean air is a fundamental right, and government regulation will allow too much pollution. The environment is so important that it should be protected as much as possible, regardless of the cost.arrow_forwardThe Lindahl equilibrium involves producing how many units of the public good? At what tax share?arrow_forward
- The Coase Theorem: Select one: a. states that in some circumstances majority voting can yield inconsistent results. b. applies only to circumstances in which externalities are extensive and bargaining costs are high. c. advocates for the intervention of the government in solving externality problems. d. holds that the median voter will decide the outcome of elections. e. suggests that in some circumstances government intervention is not needed to resolve externality problems.arrow_forwardIdentify the following weighted voting system. one person, one vote veto power system null system dictatorshiparrow_forwardWhat is meant by limited and bundled choice when voting on a bill or candidate?arrow_forward
- How does Arrow's Impossibility Theorem challenge the feasibility of achieving a fair and consistent voting system in economic decision-making?arrow_forwardDescribe one function of government in the economy other than correcting externalities. Provide an example.arrow_forwardExplain the paradox of voting through reference to the accompanying table, which shows the ranking of three public goods by voters Jay, Dave, and Conan:arrow_forward
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