Classifying goods

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

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

1) Use the supply and demand schedules to graph the supply and demand functions. Find and show on the graph the equilibrium price and quantity, label it (A). P Q demanded P Q supplied 0 75 0 0 5 65 5 0 10 55 10 0 15 45 15 10 20 35 20 20 25 25 25 30 30 15 30 40 35 40 5 0 35 40 50 60 2) Find graphically and numerically the consumers and producers' surplus 3) The government introduced a tax of 10$, Label the price buyers pay and suppliers receive. Label the new equilibrium for buyers (B) and Sellers (S). How the surpluses have changed? Give the numerical answer and show on the graph. 4) Calculate using midpoint method the elasticity of demand curve from point (A) to (B) and elasticity of the supply curve from point (A) to (C).

Four heirs (A, B, C, and D) must divide fairly an estate consisting of three items — a house, a cabin and a boat — using the method of sealed bids. The players' bids (in dollars) are: In the initial allocation, player D Group of answer choices gets no items and gets $62,500 from the estate. gets the house and pays the estate $122,500. gets the cabin and gets $7,500 from the estate. gets the boat and and gets $55,500 from the estate. none of these

Jack and Jill are getting a divorce. Except for the house, they own very little of value so they agree to divide the house fairly using the method of sealed bids. Jack bids 140,000 and Jill bids 160,000. After all is said and done, the final outcome is Group of answer choices Jill gets the house and pays Jack $80,000. Jill gets the house and pays Jack $75,000. Jill gets the house and pays Jack $70,000. Jill gets the house and pays Jack $65,000. none of these

Answer 2

Question

Chapter 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

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 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

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 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

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 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 6

Chapter 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 7

Chapter 19, Problem 1FT

Subpart (a):

To determine

Classifying goods

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

Apples, open-heart surgery, cable TV, farm-raised salmon and the Yosemite National Park can be classified as excludable goods. On the other hand, Central Park, Chinese language, idea of calculus are considered as non-excludable.

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 13

Subpart (b):

To determine

Classifying goods

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 14

Subpart (b):

To determine

Classifying goods

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

Apples, open-heart surgery and farm-raised salmon can be classified as rivals. On the other hand, cable TV, Central Park, Chinese language, idea of calculus and the Yosemite National Park are considered as non-rival.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 20

Subpart (c):

To determine

Classifying goods

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Answer 21

Subpart (c):

To determine

Classifying goods

Answer 22

Subpart (c):

Expert Solution

Explanation of Solution

Since apples, open-heart surgery and farm-raised salmon are excludable and rival; they can be classified as private goods. On the other hand, Central Park, Chinese language and idea of calculus are considered as public good as they are non-excludable and non-rival.

The Cable TV and Yosemite are non-rival private goods or club goods, as they are non-rival but excludable. However, none is a common resource other than if the Central Park gets very crowded reducing the amount of park available to others, turning it then into a common resource.

Answer 23

Subpart (c):

Expert Solution

Answer 24

Subpart (c):

Expert Solution

Answer 25

Expert Solution

Answer 26

Subpart (d):

To determine

Classifying goods

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.

Economics Concept Introduction

Concept Introduction:

Non-excludable good: A good is non-excludable if people who do not pay cannot be easily prevented from using the good.

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

Public good: A public good is non-excludable and non-rival in nature.

Private good: A private good is excludable and rival in nature.

Club good: A club good is excludable but non-rival in nature.

Common Resource: A common resource is a good which is non-excludable but rival in nature.

Answer 27

Subpart (d):

To determine

Classifying goods

Answer 28

Subpart (d):

Expert Solution

Explanation of Solution

The people can be from the Yosemite National Park at the entrance. This is possible as there are gates at every entrance for cars and they can do necessitate hikers to use permits.