11. Refer to the diagram. The movement from point a to point c suggests that more: A) private goods are being produced by employing currently resources. B) public goods are being produced by employing currently resources. C) public goods are being produced at the expense of fewer private goods. 0 Private goods D) private goods are being produced at the expense of fewer public goods. Public goods a U b
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- 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 84. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing.s and Thus, the visual appearance would For the students of the college, the visual appearance of the campus is be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $12. The benefit of the beautification initiative, as suggested by the survey, is $ Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification…1. Give 1 example of each type of private goods, common goods, club goods, and public goods? 2. give an argument why the item is private goods or common goods or club goods or public goods?
- Define public and private goods1. A metropolis has only two seasons in a year, one hot and dry season and one warm and wet season. The respective water demand curves in the two seasons are: Demand dry = 1000 100 x Price Dry Show Transcribed Text Demandwet = 600 - 50 × Price Wet Show Transcribed Text The units of Demand and Price are million m³ and $/m³, respectively. The metropolis compares multiple water tariff schemes for achieving two goals of water conservation and affordability. Please calculate annual water consumption (million m³) and annual spending on water ($) (i.e., the sum of both seasons) for the following four water tariff schemes (10%). 1. Universal water tariff: = Price Dry J Price Wet Show Transcribed Text 3 Show Transcribed Text = $1/m³. 2. Seasonal water tariff: Price Dry Show Transcribed Text = $2/m³; Ć Price Wet Show Transcribed Text = $0.5/m³. 3. Progressive water tariff without differentiation between seasons:. 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 lake 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 – 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 both states clean the lake, the payoffs will be A. Wisconsin gains 100, Illinois gains 200B. Wisconsin gains 200, Illinois gains 300C. Wisconsin gains 200, Illinois loses 100D. Wisconsin gains 100, Illinois loses 100
- 2. Suppose that emissions of sulfur dioxide are managed via a Cap-and-Trade policy. In this circumstance, how can an environmental group, such as Greenpeace, reduce emissions of this pollutant? Explain your answer. How would it effectively result in a reduction in emissions? What is the main obstacle for Greenpeace to achieve this? 3. Explain why a Cap-and-Trade program is more likely to be efficient than a standard. Be specific. 4. Explain why the firm’s MAC-curve is its demand curve for pollution permits.Name two public goods and explain why they are public goods.5. Equilibrium for public goods is characterized by A. MSB MSB. B. SMRS = MRT. C. MRS₁ = MRS₂ = MRS3 D. MC = MB. E. MRS - MRT = MSB. = = MRS = MRT.
- (Figure: MSB and Demand Curves 2) Use the graph to answer the question. Price $12 $8 $4 Marginal social benefit Demand 12 Quantity The graph shows the marginal social benefit and demand curves in the dog food market. What is the marginal private benefit when four bags of dog food are bought? O $20 $12 $4 $85. An economy has two industries: services and manufacturing. To produce $1 of services requires 20¢ of services and 40¢ of manufacturing. To produce $1 of manufacturing requires 30c of services and 10¢ of manufacturing. (a) If there is an external demand for $900 of services and $1500 of manufacturing, how much of each industry should be produced to meet it? (b) Find the internal consumption when demand is met. (c) Which industries, if any, are profitable.4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is be classified as a public good. and The benefit of the beautification initiative, as suggested by the survey, is 5 cost, the college administrators Suppose the college administrators estimate that the beautification initiative will cost $52,110. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 2,150 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $26. Thus, the visual appearance would undertake the beautification initiative. Because the estimated benefit is than the The calculation of the benefit of the beautification…