Principles of Microeconomics, California Edition
2nd Edition
ISBN: 9780393622102
Author: Dirk Mateer, Lee Coppock
Publisher: NORTON
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 3SP
(a)
To determine
Explain whether ‘a bacon double cheeseburger’ is a private good, club good, or a public good.
(b)
To determine
Explain whether ‘an NHL hockey game between the Detroit Red wings and Boston Bruins’ is a private good, club good, or public good.
(c)
To determine
Explain whether ‘a fourth of July fireworks show ’ is a private good, club good, or public good.
(d)
To determine
Explain whether ‘a swimming pool’ is a private good, club good, or public good.
(e)
To determine
Explain whether ‘a vaccination for the flu’ is a private good, club good, or public good.
(f)
To determine
Explain whether ‘streetlights’ is a private good, club good, or public good.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The farmer takes the rancher to court and the judge decides putting up a fence is the farmer’s responsibility. What is the nature of the externality in this problem?
negative externality and positive externality means what and what is an example of each.
Why is it socially efficient to set marginal benefits equal to marginal costs rather than abating until total benefits equal total costs?
Chapter 7 Solutions
Principles of Microeconomics, California Edition
Knowledge Booster
Similar questions
- Typed plzzz And Asap Thanksarrow_forwardWho is responsible for our current Tragedy of the Commons?arrow_forwardWhich of the following is an example of an externality? (x) cigarette smoke that permeates an entire restaurant (y) a flu shot that prevents a student from transmitting the virus to her roommate (z) a beautiful flower garden outside of the local post office Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) onlyarrow_forward
- The table below shows cost data for producing different amounts of oil. The market for oil produces negative externalities in the form of pollution and environmental damage. ITTT Price Demand Private Supply Private+Social Supply 4 55 40 10 12 50 50 20 20 45 60 30 28 40 70 40 36 35 80 50 How many barrels of oil will be produced by the free market? What is the socially optimal output of oil?arrow_forwardWhat is the private cost of the last unit produced and traded (or the private cost to the marginal seller) in the market?arrow_forwardWhat is an externality? How do they affect market efficiency? If an externality is present, where is the socially optimal point of production? Where will the market produce if there is no government intervention? How do we get from the private market equilibrium to the socially optimal one?arrow_forward
- What is externality. Explain its both types negative and positive too.arrow_forwardThe picture below displays a market with a negative production externality. Click on the socially optimal equilibrium point. p² pl 0 E2 RI oarrow_forwardHow does the law address either the "Tragedy of the Commons", the free-rider problem, or pollution as an externality?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning