2. What Role for Government? InNaked Economics, Chapter 3 (ineReserves), Wheelan describes anumber of ways in which the"government is your friend" in a well-functioning society and economy.List and explain two ways that, inyour everyday lives, there is a needfor an effective government role inan economy.Explain how this government roledoes or does not solve a marketfailure such as an externality.

Step 1:In Chapter 3 of Naked Economics, Charles Whelan discusses single roles that the authorities…

Answered: 2. What Role for Government? In Naked…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose there are only two consumers in the market for a public good. The figure to the right shows marginal benefit lines for a public good for the two individuals, Andrew (A) and Brenda (B). Use the line drawing tool to draw and label the social marginal benefit line. Make sure that the line extends from quantity level 0 to 10 as the private marginal benefit lines do. Carefully follow the instructions above, and only draw the required object. Marginal Benefit, Marginal Cost ($) 20- 18- 16- 14- có + 2- 0- -O 0 1 MC 2 3 4 5 6 7 8 9 Quantity of a Public Good MBA MBB 10 11 12 Q
#9. A safe and effective coronavirus vaccine has positive externalities. Is it efficient for the government to provide this vaccine to everyone for free? a. Yes. Goods with positive externalities should always be free. b. Uncertain. Goods with positive externalities should be subsidized, but making them free is not necessarily efficient. c. No. According to the First Fundamental Welfare Theorem, the market will provide the efficient amount of vaccines on its own. с. d. No. Goods with positive externalities should be taxed.
Can you please do the last question?
1. The Flores article is critical of the direction that the charter school movement has taken in recent years. One of the arguments against the "privatization of public education" is that education is a "public good." What is a public good? A public good is "nonexcludable," meaning that the benefits may be enjoyed by those who do not pay for it. A public good is a free good. A public good is a good that is funded by the government. A public good is a good that is consumed in public.
Lucia is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free, there are many people in line, and a long wait time is expected. Consider the following sentence: By waiting in line for the shirt Lucia will miss an appointment to tutor an economics student, for which she would have been paid $30. Which basic concept of individual choice does this sentence best illustrate? A. Externalities are a shortcoming of the market. B. Many decisions are made on the margin. C. People usually exploit opportunities to make themselves better off. D. Opportunity costs and money costs (price) are related but are not always exactly the same.
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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.
its already answered in this site so you can just just send me by copying it A) How will the voters vote for putting a statue in the towns common area using the following data? B) Explain using cost/benefit analysis if this is the best outcome for the town. C) Is majority rules voting actually best for society? Use facts to support your answer
What is an externality? Please give an example of the negative externality. For the flu shot, how does the positive externality shift the marginal benefit curve (the demand curve)? We know that there will be a deadweight loss if consumers purchase the underlying good, which generates positive externality at the market price. Is there a deadweight loss in this case? Why or Why not?

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