ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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. allocatively efficient?) 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. 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.
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Transcribed Image Text: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. allocatively efficient?) 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. 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.
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