Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134004983
Author: Michael Parkin
Publisher: PEARSON
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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.
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Chapter 16 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
Ch. 16.1 - Prob. 1RQCh. 16.1 - Prob. 2RQCh. 16.1 - Prob. 3RQCh. 16.1 - Prob. 4RQCh. 16.2 - Prob. 1RQCh. 16.2 - Prob. 2RQCh. 16.2 - Prob. 3RQCh. 16.2 - Prob. 4RQCh. 16.3 - Prob. 1RQCh. 16.3 - Prob. 2RQ
Ch. 16.3 - Prob. 3RQCh. 16.3 - Prob. 4RQCh. 16.3 - Prob. 5RQCh. 16 - Prob. 1SPACh. 16 - Prob. 2SPACh. 16 - Prob. 3SPACh. 16 - Prob. 4SPACh. 16 - Prob. 5SPACh. 16 - Prob. 6SPACh. 16 - Prob. 7SPACh. 16 - Prob. 8SPACh. 16 - Prob. 9SPACh. 16 - Prob. 10SPACh. 16 - Prob. 11APACh. 16 - Prob. 12APACh. 16 - Prob. 13APACh. 16 - Prob. 14APACh. 16 - Prob. 15APACh. 16 - Prob. 16APACh. 16 - Prob. 17APACh. 16 - Prob. 18APACh. 16 - Prob. 19APACh. 16 - Prob. 20APACh. 16 - Prob. 21APACh. 16 - Prob. 22APACh. 16 - Prob. 23APACh. 16 - Prob. 24APA
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