Examples of public good.

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Answer 1

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Recent research indicates potential health benefits associated with coffee consumption, including a potential reduction in the incidence of liver disease. Simultaneously, new technology is being applied to coffee bean harvesting, leading to cost reductions in coffee production. How will these developmentsaffect the demand and supply of coffee? How will the equilibrium price and quantity of coffee change? Use both words and graphs to explain.

Answer 2

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 3

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 4

Question

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

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Answer 5

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

Answer 6

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.

Answer 7

Chapter 15, Problem 1DQ

To determine

Examples of public good.

Answer 8

Expert Solution & Answer

Explanation of Solution

A public good is a good or service whose benefits are not rival in consumption. Generally, it is difficult to exclude people from the consumption of a public good, even if they are unwilling to pay for the benefits. There are many examples for public goods. The diplomatic service of a country, which is intended to produce friendly relations with other countries, is an example of a public good. The use of a traffic signal is another example of a public good. If one driver can use the sign for traffic management and safety, it does not mean that other drivers are less able to do so.