Classifying private and external costs and their benefits.

Question

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Answer 1

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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Students have asked these similar questions

Answer

M” method Given the following model, solve by the method of “M”. (see image)

As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

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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Answer 3

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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Answer 4

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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Answer 5

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.

Answer 6

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.

Answer 7

Chapter 10, Problem 1FT

Subpart (a):

To determine

Classifying private and external costs and their benefits.

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

The price you pay for an iTunes download is private cost.

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept Introduction:

Private Cost: A private cost is a cost paid by the consumer or producer trading in the market.

Answer 13

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.

Answer 14

Subpart (b):

To determine

Classifying private and external costs and their benefits.

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

The benefit your neighbor receives from hearing you play your pleasant music is external benefit.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept Introduction:

Private benefit: A private benefit is the benefit received by a consumer or producer trading in the market.

Answer 20

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.

Answer 21

Subpart (c):

To determine

Classifying private and external costs and their benefits.

Answer 22

Subpart (c):

Expert Solution

Explanation of Solution

The annoyance of your neighbor because she does not like your achingly conventional music is external cost.

Answer 23

Subpart (c):

Expert Solution

Answer 24

Subpart (c):

Expert Solution

Answer 25

Expert Solution

Answer 26

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.

Answer 27

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.

Answer 28

Subpart (d):

To determine

Classifying private and external costs and their benefits.

Answer 29

Subpart (d):

Expert Solution

Explanation of Solution

The pleasure you receive from listening to your iTunes download is private benefit.

Answer 30

Subpart (d):

Expert Solution

Answer 31

Subpart (d):

Expert Solution

Answer 32

Expert Solution

Answer 33

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.

Answer 34

Subpart (e):

To determine

Classifying private and external costs and their benefits.

Answer 35

Subpart (e):

Expert Solution

Explanation of Solution

The price you pay for a security system for your home is private cost.

Answer 36

Subpart (e):

Expert Solution

Answer 37

Subpart (e):

Expert Solution

Answer 38

Expert Solution

Answer 39

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.

Answer 40

Subpart (f):

To determine

Classifying private and external costs and their benefits.

Answer 41

Subpart (f):

Expert Solution

Explanation of Solution

The safety you enjoy as a result of having the security system is private benefit.

Answer 42

Subpart (f):

Expert Solution

Answer 43

Subpart (f):

Expert Solution

Answer 44

Expert Solution

Answer 45

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.

Answer 46

Subpart (g):

To determine

Classifying private and external costs and their benefits.

Answer 47

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.

Answer 48

Subpart (g):

Expert Solution

Answer 49

Subpart (g):

Expert Solution

Answer 50

Expert Solution

Answer 51

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.

Answer 52

Subpart (h):

To determine

Classifying private and external costs and their benefits.

Answer 53

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.