Classify the good as excludable, non-excludable, rival, and non-rival.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

The following diagram illustrates the demand and marginal revenue curves facing a monopoly in an industry with no economies or diseconomies of scale. In the short and long run, MC = ATC. a. Calculate the values of profit, consumer surplus, and deadweight loss, and illustrate these on the graph. b. Repeat the calculations in part a, but now assume the monopoly is able to practice perfect price discrimination.

The projects under the 'Build, Build, Build' program: how these projects improve connectivity and ease of doing business in the Philippines?

how utillity relate to microeconomics ?

Answer 2

Question

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Answer 6

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.

Economics Concept Introduction

Non-excludable good: A good is non-excludable ifpeople who do notpay cannot be easily prevented from using the good.

Non-rival good: A good is non-rival if one person’suse of the good does not reduce the ability of other person to use the same good.

Answer 7

Chapter 16, Problem 1SPA

To determine

Classify the good as excludable, non-excludable, rival, and non-rival.

Answer 8

Expert Solution & Answer

Explanation of Solution

A Big Mac: It is a good whose consumption by one reduces its availability to others (rival) and from which a personcan be excluded as it can only be consumed by person, if only he or she pays for it. Thus, it is rival and excludable.
Brooklyn Bridge: It is a good whose use by one reduces its availability to others especially when it is crowded (rival) and from which none is excluded as it can only be utilized by all irrespective ofthey paying or not (there is no toll for using the bridge). Thus, it is rival and non-excludable.
A view of the statue of Liberty: It is a good that is non-rival and non-excludable because viewing of the statue by a person does not reduce other people’s view and none is prevented from viewing it.
A hurricane warning system: It is a good that is non-rival and non-excludable because the warning learned by a person does not limit other people’s use of warning, and the warning is sound enough for everyone to understand.