Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 15, Problem 4TY
To determine
Identify public and private goods.
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Chapter 15 Solutions
Economics: Principles & Policy
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- Please 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…arrow_forwardIs it possible to ration public goods? If yes what devices will you use to ration them? If not, why?arrow_forwardSee attached regarding an environmental issue. I chose pollutants from boats in the ocean.arrow_forward
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- Which of the following are public goods? a. Air bags b. Pencils c. Cycle helmets d. City streetlights e. Contact lensesarrow_forwardExplain using the real life examples. Public goods are free of cost.arrow_forwardWhat public policy approach would be most reasonable to protect consumers from harmful products? How might market and economic forces play a role in protecting consumers?arrow_forward
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