Common resources are goods that are and Select the correct answer below: non-excludable; rivalrous excludable; non-rivalrous excludable; rivalrous
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A: Externalities is any impact which is being caused to a third party due to any action going between…
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A: This can be described as the use, utilization, or expenditure of resources, commodities or services…
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A: Externality: - it is a cost or benefit generated for the third party by the actions of other people.
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A: No one is hurt by market activity, and the market performs at its best when there are no…
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A: Non rival goods are the goods whose consumption by one additional individual does not reduce the…
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A: Non-excludability means that no individual can be excluded from using the goods and non-rivalry…
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A: We are going to discuss the meaning and consequences of Tragedy of commons to answer this question.
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A: Public good refers to the good that non- excludable and non rival in consumption. Free rider problem…
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A: Public good is non-excludable and non-rivalrous that means people cannot be stopped from accessing…
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A: A good that is free of charge to everyone and it is not possible to prevent anyone from using it, it…
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A: Note: The answer has been framed in a generalized manner.In order to maximize resource allocation,…
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A: Externality is a situation where a person/economic agent is affected by the consumption of a…
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A: Environment pollution: It refers to the bad surroundings that cover our nature due to which the…
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A: There are different types of goods depending on degree of excludability and rivalry.
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A: 1.National defense:nonrivalrous and nonexcludable. It comes under government and therefore national…
Q: Define the concepts of public good, non-excludable, non-rival, and tragedy of the commons.
A: Define the concepts of public good, non-excludable, non-rival, and tragedy of the commons.
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- Consider a lake found in the town of Center Barnstead, and then answer the questions that follow. The town has a campground whose visitors use the lake for recreation. The town also has a fish cannery that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the fish cannery's waste decreases the campground's economic profit. Suppose that the fish cannery could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the campground would no longer be affected. If the fish cannery uses the recycling method, then the fish cannery's economic profit is $1,500 per week, and the campground's economic profit is $1,800 per week. If the fish cannery does not use the recycling method, then the fish cannery's economic profit is $2,000 per week, and the campground's economic profit is $1,000 per week. These figures are summarized…Explain why externalities pose a problem for the utilitarian/invisible hand argument in favor of free market/laissez-faire capitalism. Be precise and thorough and use your own wordsPublic goods are:a) neither nonrival nor nonexcludable in consumption b) nonexcludable but rival in consumptionc) rival but nonexcludable in consumptiond) both nonrival and nonexcludable in consumption
- Assume that radio broadcasts are nonrival and nonexcludable. Two people, Artie and Bill, listen to the same radio station during their commute. Each person values the radio station at $3$3 per day. Both Artie and Bill loathe listening to advertisements. Listening to advertisements makes Artie and Bill each worse off by $1.50$1.50 per day. The radio station needs $2$2 per day to continue operating, which it currently earns from advertisers ($2$2 per day is exactly what the airtime is worth to the advertisers). The radio station is considering asking for donations from Artie and Bill and getting rid of the advertising. Artie and Bill can choose to donate to prevent advertisements or not. If only one chooses to donate, he must donate the whole $2$2 to get rid of the ads. If both choose to donate, each pays $1.$1. Assume that both Artie and Bill are each trying to gain the most net benefit possible, and that they do not cooperate with each other. What is the socially efficient way to…A market that is efficient in allocating scarce resources to their best use. Which of the following markets is likely to be the most efficient without any government intervention? a) electricity in virginia (hint: Dominion Energy is a monopoly) b) retail market for gasoline c) university education d) internet serviceLecture: Externality - Pigou8. All-Leather is a tanning company located on Lake Michigan in Chicago. Its total cost functionis C(QA) = 125 + 8QA + 5QA2, where QA is leather production per week in thousands of pounds.a) If leather sells for $408 per thousand pounds, how much leather will All-Leather produce?How much profit does All-leather earn?Enjoy is a beverage company located on Lake Michigan near All-Leather in Chicago. Enjoy’sproduction of beverages is negatively affected by water pollution from All-Leather’s productionof leather. Enjoy’s total cost function to produce beverages isC(QE) = 10QE +3QE2 + 3QA2where QE is Enjoy’s weekly production of beverages, in thousandsof gallons and, as above, QA is All-Leather’s weekly production of leather.b) Is this an example of a pecuniary externality or a real externality? Explain.c) What is the extra cost to Enjoy from an additional thousand tons of leather production by AllLeather (i.e., the external marginal cost of an extra unit of QA…
- Good that are non-excludable and no-rival in nature are known as ___________.There are actually many economic / environmental theories, some now put into practice, that protect the environment for the sake of nature and our future while still being economically productive. Such a strategy is referred to as: Question 1 options: ecologically sustainable culture gesellschaft environmental lag laissez-faire capitalism When it comes to Environmental issues world governments are beginning to recognize that: (Only one answer is true when you complete this sentence) Question 2 options: certain environmental issues such as global warming, deforestation, and overpopulation require regional, if not global, cooperation and dialogue. that someday, somewhere in the world, we will begin to experience serious food and water shortages. the the developing 3rd World countries will have to play a far more important role in world…That the free flow of goods and capital creates economies of scale is not necessarily a good thing. Economies of scale encourage increased production which can lead to significant externalities, like pollution. Please provide a counter argument for the above statement
- In a perfectly competitive market, the efficient quantity of a good will be produced when the good is: rival in consumption and nonexcludable. rival in consumption and excludable. nonrival in consumption and excludable. nonrival in consumption and nonexcludable.Which of the following statements is consistent with Charles Tiebout’s concept of competition by individuals voting with their feet? Group of answer choices Individuals elect the politicians that promise to provide them with the desired level of public goods. Individuals move to the community that provides them with the desired level of public goods. Individuals are herd-like and prefer the same level of public goods as their neighbors. Individuals do not understand what public goods are offered in a town until they move there and try it out.Which of the following is the best example of a good or service that would be considered non-rival and non-excludable? Select one: a. your breakfast b. a congested interstate highway c. the United States Navy Od. Dr. Craig's breakfast