Microeconomics (6th Edition)
6th Edition
ISBN: 9780134106243
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 5, Problem 5.4.9PA
To determine
Different types of goods.
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For the following can you explain what would be considered a private good and club good?
Thank you so much for your time and response.
Which categories of goods are rival in consumption?a. private goods and club goodsb. private goods and common resourcesc. public goods and club goodsd. public goods and common resources
Identify the characteristics of a public good.
a. Why do public goods exist?
b. What is the problem that comes about due to public goods?
c. Which of the following are public goods: parks, police services, welfare payments to the poor, production of energy, space exploration?
d. Briefly describe how the free rider problem can be overcome.
e. Briefly explain why markets often have a difficult time producing public goods.
Chapter 5 Solutions
Microeconomics (6th Edition)
Ch. 5 - Prob. 5.1.1RQCh. 5 - Prob. 5.1.2RQCh. 5 - Prob. 5.1.3RQCh. 5 - Prob. 5.1.4RQCh. 5 - Prob. 5.1.5RQCh. 5 - Prob. 5.1.6PACh. 5 - Prob. 5.1.7PACh. 5 - Prob. 5.1.8PACh. 5 - Prob. 5.1.9PACh. 5 - Prob. 5.1.10PA
Ch. 5 - Prob. 5.1.11PACh. 5 - Prob. 5.1.12PACh. 5 - Prob. 5.1.13PACh. 5 - Prob. 5.2.1RQCh. 5 - Prob. 5.2.2RQCh. 5 - Prob. 5.2.3RQCh. 5 - Prob. 5.2.4PACh. 5 - Prob. 5.2.5PACh. 5 - Prob. 5.2.6PACh. 5 - Prob. 5.2.7PACh. 5 - Prob. 5.2.8PACh. 5 - Prob. 5.2.9PACh. 5 - Prob. 5.2.10PACh. 5 - Prob. 5.2.11PACh. 5 - Prob. 5.3.1RQCh. 5 - Prob. 5.3.2RQCh. 5 - Prob. 5.3.3RQCh. 5 - Prob. 5.3.4PACh. 5 - Prob. 5.3.5PACh. 5 - Prob. 5.3.6PACh. 5 - Prob. 5.3.7PACh. 5 - Prob. 5.3.8PACh. 5 - Prob. 5.3.9PACh. 5 - Prob. 5.3.10PACh. 5 - Prob. 5.3.11PACh. 5 - Prob. 5.3.12PACh. 5 - Prob. 5.3.13PACh. 5 - Prob. 5.3.14PACh. 5 - Prob. 5.3.15PACh. 5 - Prob. 5.3.16PACh. 5 - Prob. 5.4.1RQCh. 5 - Prob. 5.4.2RQCh. 5 - Prob. 5.4.3RQCh. 5 - Prob. 5.4.4PACh. 5 - Prob. 5.4.5PACh. 5 - Prob. 5.4.6PACh. 5 - Prob. 5.4.7PACh. 5 - Prob. 5.4.8PACh. 5 - Prob. 5.4.9PACh. 5 - Prob. 5.4.10PACh. 5 - Prob. 5.4.11PACh. 5 - Prob. 5.4.12PA
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Similar questions
- Econ 2200W Homework #1 (Ch 5 & 6) Classify each of the following goods or services as private goods, public goods, quasi-public goods, or common resources.(Refer to Figure 5.7 on page 165) A net-work television broadcast of baseball’s World Series( ) Home mail delivery ( ) Education in a public school ( ) Education in a private school ( ) Hiking in a park surrounded by a fence ( ) Hiking in a park not surrounded by a fence ( ) An apple ( ) Congested toll roads ( ) Congested nontoll roads ( ) Uncongested toll roads ( ) Uncongested nontoll roads (…arrow_forward1. If you were to graph a measure of pollution on one axis and a level of economic activity (such as the real gross domestic product per person) on the other, what type of relationship do you think you would find? How would you explain this relationship? 2. Think of an externality that arises in a college dorm. What market can you think of that would (or could) eliminate any inefficiencies from that externality?arrow_forward1. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Club Good Common Resource A new drone that you take turns flying with your friends A large, beautiful fountain in a town square A dock on a lake that is open to the publicarrow_forward
- 1. What is the impact of the global-positioning anti-theft device on the following below: a. Private benefit curve b. Social benefit curve c. Private cost curvearrow_forwardQUESTION 6 Marco runs an organic cafe in the middle of an industrial office zone. He has a lot of customers with only 6 allocated car parking spaces for them. Often, his customers use the car parks designated for clients at Eloise's architectural studio nearby. 1. Marco's cafe does not produce any negative externalities. 2. Marco's cafe creates a negative externality for Eloise's architectural studio. 3. To be socially efficient, Marco needs to pay for more car spaces near his cafe. Which of the above statements are true: O Only 1 is true. O Only 2 is true. O Both 1 and 2 are true. O Both 2 and 3 are true. O All three are true. O O Oarrow_forwardWhich of the following will most likely generate positive externalities of consumption? a. A hot dog vendor. b. Public education. c. An automobile d. A city bus e. A polluting factoryarrow_forward
- Determine whether the good is a private good, public good, artificially scarce good, or common resources, then explain why in terms of "excludability" and "rivalness" principles. a. Uncongested roads with toll booths upon entry b. Business-class seat on airplane c. Music played in a public parkarrow_forwardWhich of the following statement about public goods is FALSE? Question 21Answer a. Public goods are provided by the government b. All of the statement are true c. The environment is a public good d. Public goods are freely accessible e. Many people can simultaneously benefit from a public goodarrow_forwardWhat is the definition of public goods? Why does the private market not produce the efficient quantity of a public good?arrow_forward
- 4. Efficiency in the presence of externalities Cars impose many external costs on society: carbon dioxide emissions that contribute to air pollution, congestion on roadways, and so on. Therefore, the market quantity of cars is not equal to the efficient quantity. The following graph shows the private demand for cars, the private supply of cars, and the social supply of cars, which incorporates both private costs and external costs. Use the black point (plus symbol) to indicate the market quantity. Next, use the purple point (diamond symbol) to indicate the socially optimum quantity. Note: Drop lines will extend to both axes automatically. DERIVATE QUARKET O5OCIAL SSOCIAL SPRVATE QUANTITY OF CARS From society's standpoint, the market is producing cars. This is an example of of resources. PRICE OF CARSarrow_forwardExplain the difference between pure public goods and pure private goods.arrow_forward1. Two interesting public goods are radio and television signals. A. In the U.S., private markets have provided these public goods because a private good is associated with radio and television signals: advertising. Revenue from advertising makes it possible for private firms to provide the public goods-radio and television broadcasts. Explain why these are public goods.arrow_forward
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