Why is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good? How are over-the-air broadcasters (NBC, CBS, ABC) able to overcome the free rider problem?
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- Why is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good? How are over-the-air broadcasters (NBC, CBS, ABC) able to overcome the free rider problem?
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- List 5 negative externalities that are associated with hosting Olympics and other major sport events.Describe possible positive and negative externalities created by a professional sports team. Use a graphical model to show why in the case of such externalities the private market will typically not produce the socially optimal quantity.Why is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good?
- The National Hockey League decides to put a new franchise in Hamilton which is close to existing teams in Buffalo and Toronto. Which of the following best describes the impact of this decision? Select one: a. product-variety externality, which harms consumers b. business-stealing externality, which benefits consumers c. product-variety externality, which benefits consumers d. business-stealing externality, which harms consumersPlease solve part d,e and f!!! Three roommates, Jim, Saleem, and Ritesh, are thinking about buying a new speaker system for their apartment. The speaker system would be a public good if they buy them, and the total cost would be $300 which would be shared equally among the three. Jim values it at $80, Saleem values it at $140, and Ritesh values it at $70. If the speakers are purchased each person gets a payoff equal to their net valuation (valuation minus cost share); if they are not purchased each gets zero payoff. a)Is it socially efficient that they buy the speaker system? With reference to the definition of a public good, why or why not? The roommates decide that they will write down their net valuations, and if these reports sum to more than zero, they will buy the TV (sharing the cost equally), or else they will not. b) If all were to report their true valuations, what payoff would each agent earn? c) Show that if Jim and Ritesh submit their true net valuation, then Saleem does…What are the two characteristics of public goods? What is the free-rider problem as it related to public goods? Is U.S. border patrol a public good or a private good? Explain.
- How do public television stations, like PBS, try to overcome the free rider problem? Is public television a public good in a non-obvious way?The following table shows how the marginal benefit enjoyed by John, Mary, Loren, and all other consumers of outdoor rock concerts varies with the number made available by a city government per summer. a) Derive the demand curve for rock concerts assuming that it is a pure public good. b) If the marginal cost of producing rock concerts is $1,000 no matter how many are produced, then what is the efficient number of concerts to have each summer?What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? How about satellite TV? Explain.
- why do externalities make market outcomes inefficient?Is the following good a private good, a public good, a common resource, or a club good? Explain why the good is rival or non-rival and excludable or non-excludable. An oil pipelineAn economist gives the following advice to a museum director: "You should introduce "peak pricing". At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a higher admission fee." a) When the museum is quiet, is it rival or non-rival in consumption? Is it excludable or non-excludable? What %23 type of good-public or private - is the museum at those times? What would be the efficient price to charge visitors, and why? (I.e., should the price = $0, or should it be >$0?) %3D b) When the museum is busy, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good is the museum at those times? What would be the efficient price to charge visitors, and why?
