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

not use ai please

subject to X1 X2 Maximize dollars of interest earned = 0.07X1+0.11X2+0.19X3+0.15X4 ≤ 1,000,000 <2,500,000 X3 ≤ 1,500,000 X4 ≤ 1,800,000 X3 + XA ≥ 0.55 (X1+X2+X3+X4) X1 ≥ 0.15 (X1+X2+X3+X4) X1 + X2 X3 + XA < 5,000,000 X1, X2, X3, X4 ≥ 0

not use ai

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.