Discuss how rationing impure public goods would limit consumption of the following (USE PROPER DIAGRAM) : i. Roads : ii. Healthcare iii. Public recreational parks
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Discuss how rationing impure public goods would limit consumption of the following (USE PROPER DIAGRAM) :
i. Roads :
ii. Healthcare
iii. Public recreational parks
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- Using relevant diagrams, discuss how rationing impure public goods would limit consumption of the following: i. Roads ii. Healthcare ii. Public recreational parksCategorize 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…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.
- Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. PRICE (Dollars per gallon) 12 10 8 2 + 0 0 Supply Demand 15 30 45 60 75 90 105 120 135 QUANTITY (Millions of gallons) The market price of milk without government intervention is $ Graph Input Tool Price (Dollars per gallon) Quantity demanded (Millions of gallons) Surplus (Millions of gallons) per gallon. 112 0 Quantity supplied (Millions of gallons) Shortage (Millions of gallons) 22 90 Consider legislation that doesn't allow the price of milk to be below $9 per gallon and stipulates that the government buy any surplus milk produced at million gallons of milk, which would cost the that price. In order to raise the price to $9 per gallon, the government would need to buy government $ million. Suppose there are only a few dairy…Oregon legislative committee passes cap-and-trade bill Lawmakers are moving Oregon a step closer to adopting what would be the nation's second economywide carbon pricing scheme. after California. Price and cost (cents per mile) Q 40- S=MC a G Source: Portland Business Journal, May 17, 2019 35 The transportation sector is Oregon's largest contributor to carbon emissions. Under what conditions would Oregon's carbon pricing scheme reduce carbon emissions to the efficient quantity? Use a graph to illustrate your explanation. Show the effects of setting the price of carbon too low and too high. 30- 25 20 15 and permits traded at a The efficient quantity of transportation would be produced if the quantity of permits was set such that, price OA. marginal private cost of transportation equals marginal benefit, above marginal external cost B. marginal social cost of transportation equals marginal benefit, equal to marginal external cost OC. marginal social cost of transportation equals marginal…Define public and private goods
- Show graphically and explain how an increase in environmental awareness affects the market for bottled water.A state tax on portable electronic devices causes sales of a single model of a handheld calculator to decrease from 80 to 70 per week. The tax is assessed as a tax on sellers when they receive the units from suppliers. Drag the appropriate curves (including the Quantity curve) to show the effects on the market. To refer to the graphing tutorial for this question type, please click here. Price (S) 100 100 Quant 140 130 120 110 100 GO 80 80 70 00 00 40 30 20 10 80 Quantity (per week) What tax revenue will the state collect from sales of this one model of calculator through the new tax? The tax revenue is $ per week."Many towns and cities on the northeast and west coasts have passed bans on smoking in restaurants and bars. What is the economic rationale behind these bans? Should there be similar rationales for banning smoking in automobiles? Apartment buildings? Houses?"
- Current Event on Economics from a reputable News Article, Report or Journal related to Externalities? Explanation should be 3 paragraphs as follows: Paragraph 1: What is the Economic issue? (Describe the issue) Paragraph 2: What is the connection to Externalities? (positive, negative, policy) (Use Math, Graph or data to explain or support your idea) Paragraph 3: Explain how this affects the Economy (individual, industry, national or global) Cite at least one source (News Article, Video, etc.) for any data.Use the graph attached below as a starting point (either download it or print it out). Add curves, labels, etc. to this graph in order to show the following: 1. Show that this good has a $4/unit negative externality (external cost), such as pollution. 2. Shade the area that represents the Deadweight Loss (lost gains from trade) caused by the external cost. 3. Show a tax or subsidy wedge (whichever you think is appropriate) that will solve the problem of the external cost. 4. Show the socially optimal level of production that the Pigouvian tax or subsidy above will help the market to achieve. You may use software or pencil and paper to complete this graph. Upload it here when you are done.In writing about the increased popularity of national parks in the United States, such as Yosemite, Yellowstone, and the Grand Canyon, environmental economist Margaret Walls wrote: When one person's visit to a park doesn't appreciably diminish the experience for others, the fee to use the park should be zero. That doesn't apply when the public good starts to experience congestion problems...the Park Service should...[charge] a significantly higher fee at the most popular parks during the summer months. Source: Margaret A. Walls, "Protecting Our National Parks: Entrance Fees Can Help," Resources, No. 193, Fall 2016. Are Yosemite and other national parks public goods? Briefly explain. A. Yes, they are public goods because national parks such as Yosemite are common resources that are often overused. B. No, Yosemite and other national parks are not public goods when congestion diminishes others' enjoyment of them. C. No, Yosemite and other national parks are not public goods because the…