1. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A large, beautiful fountain in a town square A free-welght station in a fitness room that is open to the public A new guitar for you to play in your friend's band
Q: Derive the Utility Function to find the equation for the indifference curve. U(x, y) = (.6T.5 +…
A: In order to find the equation for the indifference curve from the utility function, we simply…
Q: What factors affect a person’s choice of careers?
A: The main purpose of managerial economics is to assist people in making better decisions.\Making a…
Q: If two persons are trading in two different categories, he would get best output from one and a…
A: Trade refers to a core economic concept that is basically the buying and selling of commodities and…
Q: how does the population affect circulation of money
A: The term population often refers to the number of people living in a certain place, such as a city…
Q: After Ragnarok, output of Asgard is decreased since every god that rules the realm is dead. After…
A: The IS-LM model demonstrates the interaction between the economic goods market and the market for…
Q: A Company is contemplating the purchase of a new milling machine. The purchase price of the new…
A: Given; Purchase price= $60000 Annual operating cost= $2675.40 Salvage value= $0 Revenue generated=…
Q: Calculate the Equivalent Single Payment at the end of the 5th year X(5) For a Project with: F. C. =…
A: In order to find an equivalent single payment at the end of the 5th year, we convert all the costs…
Q: Consider the two-period Neoclassical growth model seen in class. Let the utility function take the…
A: Given information Two period neoclassical growth model Utility function U(C)=log (C) Consumption…
Q: Which statement is NOT correct? a. Monopolists charge higher prices than do competitive firms.…
A: Monopoly is a market structure where there is only a single seller of the good who has absolute…
Q: You operate a cafe which generated total revenue was $60,000. Your costs for rent and supplies were…
A: Economic profit considers opportunity cost which is the value of next best alternative.
Q: A company decides to purchase an industrial gas turbine which costs forty thousand. Additional costs…
A: Life cycle cost (LCC) is a methodology that surveys the complete cost of a resource over its life…
Q: (Figure: The Demand for Winter Gloves) Use Figure: The Demand for Winter Gloves. Total revenue is…
A: Demand curve shows different combinations of quantity demanded at different price levels.
Q: 1. The following table gives the PDF (Probability Density Function) of the discrete variable X -1 -2…
A: For given data of x and f(x) we can find out the E(X) and V(X)
Q: A government decides to introduce an expenditure switching measures to reduce a balance of trade…
A: Expenditure Switching Policy is the one which affects the country's expenditure composition on…
Q: Input (Labor) Output TEC TVC TC MC ATC AVC 50 $125 $15 85 $125 $30 OA-S35 -525.83 O A-5280 B-5182…
A: Formula to calculate ATC:- ATC=TCQ Formula to calculate…
Q: An international or global competitor can strive to gain competitive advantage or counteract…
A: An international competitor refers to when an entity competes in another country. In this, the…
Q: Which of the following statements about the economic fallout of the Covid-19 pandemic is false? O.…
A: The Covid 19 pandemic is one of the uncertainties that influenced the economies of almost all the…
Q: 2. Complete the demand schedule below for the given equation Qd 750 -10P at given prices P12.00,…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: In the model of horizontal product differentiation, the monopolist’s optimal number of shops is ____…
A: In a market, horizontal product differentiation refers to the situation when firms use…
Q: Suppose the government borrows $20 million more next year than this year. How does the elasticity…
A: [a] When there is the borrowing of $20 million by the government then surely the supply of loanable…
Q: Label each of the following as sunk cost, opportunity cost, or incremental costs and briefly explain…
A: The whole cost of producing a product may be included in a company's financial records as the cost…
Q: Use 5 countries of your choice to show interdependence among them as a result of trading
A: When trade of goods and service is done with Nations it is called International trade .…
Q: Suppose that changes in the bank regulations expand the availability of credit cards so that people…
A: [a] As given, holding cash is not required anymore which means money is less demanded by the people…
Q: Which of the following is correct as an interpretation of the Keynesian consumption function? None…
A: Keynes Consumption function: C = c + MPC * Yd => C = c + MPC * (Y-T) Where C -> consumption c…
Q: 1. You purchased a bond for $925. The bond has a face value of $1,000 and it pays a dividend once a…
A: Solution:- a) a) Purchase price = $925 ; Sale Price = $850. Loss on bond buying then selling =…
Q: An equipment has a first cost of P500,000 and the cost of installation is P30,000. If the salvage…
A: Dear Student, as you have posted multiple sub-parts in a question but according to policies and…
Q: d) Derive the LM curve. e) Find the equilibrium values of Y and r. f) The central bank wants to…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Firms under monopolistic competition earn zero profit because a) There is not enough demand.…
A: Monopolistic competition is a type of market wherein many firms are present which produce homogenous…
Q: A manufacturing company purchased a new equipment for ₱53,000 and paid ₱1,500 for freight and…
A:
Q: 3.Briefly formulate major "weak" and "strong" features of the two exchange rate regimes: flexible…
A: The value at which two currencies are exchanged is referred to as an exchange rate. In other words,…
Q: Explain life expectancy rate in the philippines
A: The amount of years an individual can probably live is referred to as "life expectancy." In the…
Q: An ag firm is looking to produce 30 units of output. If the firm were to operate at the least-cost…
A: Required Q=30, w=10 r =50
Q: Referring to table 1.1, the opportunity cost of producing 10 brushes is... a. 10 combs b. 1 comb C.…
A: The curve that depicts all combinations possible of two goods that could be produced using given…
Q: A downward sloping Philips curve implies that output increases as inflation rises. TRUE / FALSE An…
A: In economics, the Phillips curve is used by economists and policymakers to explain the relationship…
Q: areas HUD f. a U.S. government program that guarantees health coverage to most people who are over…
A: Social security programs is offered to the population to ensure the economic support by the…
Q: 1
A: The labor force is the summation of unemployed workers and employed workers. The employed workers…
Q: Using the money market theory, illustrate the effect of the following changes on the level of…
A: The market that deals in loans of a shorter duration which is for a period of a year or less…
Q: Which fiscal policy would make a budget surplus smaller or a budget deficit larger? lower government…
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: each of the following cases, calculate the values of MPC, decimal places. PW, and the spending…
A: In economics, the marginal propensity to consume (MPC) is defined as the proportion of an aggregate…
Q: how does Socio-economic Factors Affect Investors and Suppliers explain each briefly.
A: Socio-economic factors The term "socio-economic" relates to societal economic issues. These elements…
Q: Elon Musk's The Boring Company wants to invest in a subway to be constructed in Metro Manila to…
A: maglev bullet difference(in percentage) capital investment 46,100,000 75,000,000 61% annual…
Q: 3.Mang Juan have decided to reduced the price per kilo of onions from Php 100.00/kilo to the usual…
A: Given, Original Price = Php 140 / Kilo New Price = Php 100 / Kilo Original Supplied = 1800 kilos New…
Q: 31. A company produces a certain commodity. The labor and material cost for each item produced is…
A: Solution:- Let the number of units be x Therefore, Total labor and material cost = P65 * n Other…
Q: What is “B.O.P”? Explain the importance of “Balance of Payments” to Managers of Public and Private…
A: The term of bàlance of pàyment (BOP), it has sometimes known as internàtional payment balance, is…
Q: D2 D1 Quantity of Swiss Francs Refer to the graph above to answer this question. What might cause a…
A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…
Q: The Employment Act, of 1955 is the main legislation on labour matters in Malaysia. The Employment…
A: The Employment Act, of 1955 of Malaysia is the main labour rights concerning law of Malaysia which…
Q: Insurance: An insurance company sells a l-year term life insurance policy to an 84-year-old man. The…
A: Given Insurance premium =$1600 The probability that the 84-year old man will be alive 1 year later…
Q: Answer the following: If wages are sticky in the short-run, the short-run Phillips curve is…
A: Note:- Since we can only answer one question at a time we'll answer the first three. Please repost…
Q: 1. The IS curve is based on the goods market: Y C, + mpc (Y - T) + la-2r +G. Assume that the mpe 80.…
A: IS curve denotes locus of those points at which goods market is in equilibrium . It is drawn in (r ,…
Q: Analyze the following statements and categorize them into Determinants of Demand (DD) or…
A: "One of the determinant of demand is buyer's expectation in which based upon the future expectations…
![1. What kind of good is it?
Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.
Private Good
Public Good
Common Resource
Club Good
A large, beautiful fountain in a town square
A free-weight station in a fitness room that is open to the public
A new guitar for you to play in your friend's band](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa3bff2c-2743-4a14-b17f-30b2784a9b02%2F239d59a0-0a3c-4b26-bb9d-f0e12ca1992a%2Fyjaukf_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 1. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Club Good Common Resource A new drone that you take turns flying with your friends A large, beautiful fountain in a town square A dock on a lake that is open to the public1. Externalities - Definition and examples An externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is adverse, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. ? PRICE (Dollars per unit) QUANTITY (Units) Supply Demand Demand Supply With this type of…2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Club Good Common Resource A large, beautiful fountain in a park A new BMW that you use to drive your friends around town A free-weight station in a fitness room that is open to the public
- QUESTION 6 Marco runs an organic cafe in the middle of an industrial office zone. He has a lot of customers with only 6 allocated car parking spaces for them. Often, his customers use the car parks designated for clients at Eloise's architectural studio nearby. 1. Marco's cafe does not produce any negative externalities. 2. Marco's cafe creates a negative externality for Eloise's architectural studio. 3. To be socially efficient, Marco needs to pay for more car spaces near his cafe. Which of the above statements are true: O Only 1 is true. O Only 2 is true. O Both 1 and 2 are true. O Both 2 and 3 are true. O All three are true. O O OEconomics 1. Social Benefit and Social Cost For the following statements: (1) identify if there is an externality or not; If yes, (2) classify them as: positive or negative; (3) If the externality happens during the consumption or production of the good; and, finally, (4) draw a graph with the marginal private and social benefit and the marginal private and social cost. (a) Driving a non-electric-car generates carbon dioxide emissions. (b) Getting a good education improves your productivity. (c) Developing open-source software makes new tools available for developers. (d) A Youtuber makes loud noises in the middle of the night while recording videos. (e) A person is blasting music on the subway.3. Indicate whether the following are private goods, club goods, common-resource goods, or public goods: a. A bacon double cheeseburger b. An NHL hockey game between the Detroit Red Wings and Boston Bruins c. A Fourth of July fireworks show d. A swimming pool e. a vaccination for the flu f. streetlights ← + 00 8
- 9. Chapter malper, Section .11, Problem 022 (ID: 022.11.MANK09) The Pennsylvania Turpike is a tolled freeway running through the state of Pennsylvania. Motorists must pay toils at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case? Ca. Common resource Ob. Private good. Oc. Public good Cd. Club goodRefer to Figure. The graph represents a market in which 24 22 22 Price 18 16 81 Social cost (private cost and external cost) Supply (private cost) Demand (private valne) 120 160 Quantity a. Othere is no externality. b. Othere is a positive externality. c. Othere is a negative externality. d. The answer cannot be determined from inspection of the graph.4. Driving an automobile generates many negative externalities. For example, driving creates pollution, since cars emit noxious chemicals when they're driven. Another example is traffic congestion; when one person drives, that increases traffic congestion for everyone else. Governments may try to limit the effect of these externalities in a variety of ways. A. The two negative externalities listed above, air pollution and traffic congestion, are more and less severe at different times or in different places. What conditions make each of these more or less severe?
- 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…Principles of Microeconomics Prof. Pinyuan Dong Due October 12, 2022 Problem Set 2 A. Suppose the demand and supply for the market of cigarettes in a city is given by QD = 400-50P, Qs = 50P. 1. Graph the demand and supply curves. What is the market equilibrium price and quantity? 2. The city council wants to discourage smoking. If the socially optimal demand for cigarettes is QD 200-50P, what can the city council do to achieve the socially optimal demand? 3. What is the quantity of cigarette sold after the government takes appropriate actions? How much do consumers pay and how much do producers get? Is the government action effective in its objective of discouraging cigarette consumption? B. Suppose the local gas station in a small town sells regular gasoline at $4/gallon. The gas station sells 100 gallons in a day. Due to global gas prices, it increased the price to $5/gallon. The next day, the gas station is only selling 90 gallons a day 1. Using these two points, calculate the price…22. Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the fake it will cost 1200 and generate social benefits of 1500 however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 â€" however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If Wisconsin does not clean the lake and Michigan does then the payoffs will be
![Essentials of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337091992/9781337091992_smallCoverImage.gif)
![Principles of Microeconomics](https://www.bartleby.com/isbn_cover_images/9781305156050/9781305156050_smallCoverImage.gif)
![Essentials of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337091992/9781337091992_smallCoverImage.gif)
![Principles of Microeconomics](https://www.bartleby.com/isbn_cover_images/9781305156050/9781305156050_smallCoverImage.gif)