Q 3 4 5 1. Please submit all answers using a Word document file upload.Explain why zoning laws, which allow certain land uses only in specific locations, might be justified in dealing with a problem of negative externalities.Explain why in areas where buildings sit close together tax breaks to property owners for installing extra fire prevention equipment might be justified in view of positive externalities.2. If a good generates a positive externality, does the free market result in overproduction or underproduction of this good? (or is the amount produced "just right", i.e. allocativelyefficient?) Explain.3. If a good generates a negative externality, does the free market result in overproduction or underproduction of this good? (or is the amount produced "just right", i.e. allocativelyefficient?) Explain.4. How can government intervention into free markets correct for externalities? Explain and give examples for both positive and negative externalities.5. What is a pure public good and how is it different from a private good? Which do free markets tend to produce efficiently? Which require the government to collect taxes andprovide the good? Explain. Again, all answers should be submitted in a Word document file upload.

Externalities shows the spillover effects of one person economic activities to another people's…

3. If a good generates a negative externality, does the free market result in overproduction or underproduction of this good? (or is the amount produced "just right", i.e. allocatively efficient?) Explain. 4. How can government intervention into free markets correct for externalities? Explain and give examples for both positive and negative externalities. 5. What is a pure public good and how is it different from a private good? Which do free markets tend to produce efficiently? Which require the government to collect taxes and provide the good? Explain. Again, all answers should be submitted in a Word document file upload.

3. If a good generates a negative externality, does the free market result in overproduction or underproduction of this good? (or is the amount produced "just right", i.e. allocatively efficient?) Explain. 4. How can government intervention into free markets correct for externalities? Explain and give examples for both positive and negative externalities. 5. What is a pure public good and how is it different from a private good? Which do free markets tend to produce efficiently? Which require the government to collect taxes and provide the good? Explain. Again, all answers should be submitted in a Word document file upload.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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