Sapling Learning Single-Course Homework-Only for Principles of Microeconomics (Access Card)
3rd Edition
ISBN: 9781319080044
Author: Sapling Learning
Publisher: Sapling
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Question
Chapter 10, Problem 1FT
Subpart (a):
To determine
Classifying private and external costs and their benefits.
Subpart (a):
Expert Solution
Explanation of Solution
The price you pay for an iTunes download is private cost.
Economics Concept Introduction
Concept Introduction:
Private Cost: A private cost is a cost paid by the consumer or producer trading in the market.
Subpart (b):
To determine
Classifying private and external costs and their benefits.
Subpart (b):
Expert Solution
Explanation of Solution
The benefit your neighbor receives from hearing you play your pleasant music is external benefit.
Economics Concept Introduction
Concept Introduction:
Private benefit: A private benefit is the benefit received by a consumer or producer trading in the market.
Subpart (c):
To determine
Classifying private and external costs and their benefits.
Subpart (c):
Expert Solution
Explanation of Solution
The annoyance of your neighbor because she does not like your achingly conventional music is external cost.
Economics Concept Introduction
Concept Introduction:
External Cost: An external cost is the cost paid by people other than the consumer or producer trading in the market.
Subpart (d):
To determine
Classifying private and external costs and their benefits.
Subpart (d):
Expert Solution
Explanation of Solution
The pleasure you receive from listening to your iTunes download is private benefit.
Subpart (e):
To determine
Classifying private and external costs and their benefits.
Subpart (e):
Expert Solution
Explanation of Solution
The price you pay for a security system for your home is private cost.
Subpart (f):
To determine
Classifying private and external costs and their benefits.
Subpart (f):
Expert Solution
Explanation of Solution
The safety you enjoy as a result of having the security system is private benefit.
Subpart (g):
To determine
Classifying private and external costs and their benefits.
Subpart (g):
Expert Solution
Explanation of Solution
The crime that is more likely to occur to your neighbour once a criminal sees a “Protected by alarm” sticker on your window is external cost.
Subpart (h):
To determine
Classifying private and external costs and their benefits.
Subpart (h):
Expert Solution
Explanation of Solution
The extra safety your neighbour might experience because criminals tend to stay away from neighbourhoods that have many burglar alarms is external benefit.
Economics Concept Introduction
Concept Introduction:
External benefit: An external benefit is the benefit received by people other than the consumer or producer trading in the market.
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Chapter 10 Solutions
Sapling Learning Single-Course Homework-Only for Principles of Microeconomics (Access Card)
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