Explain why that among private goods, public goods, common goods and club goods, only private goods constitute an efficient allocation of resources.
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Explain why that among private goods, public goods, common goods and club goods, only private goods constitute an efficient allocation of resources.
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- Define public and private goodsWhich goods are sold in the markets? private goods public goods private goods and club goods private good, club goods, and common- resource goods all types of goodsDo you think it is possible to draw a clear distinction between private and public goods? Which of the following might be considered public goods: farmland, forest land, beach front property, highways, a city park, a parking lot, a sports arena? What rules of the market or of public policy should apply to the provision of these goods?
- Categorize each of the following five goods as a Private Good, Common Good, Club Good, or Public Good. Descriptions of each good will serve as hints. Remember, our textbook outlines only two types of goods, see the notes and lecture video for the other two types. a) An NPR (radio) signal - which is available to everyone with a radio, whether or not they contribute, the signal does not diminish no matter how many people tune in. [Select] b) A new Ford truck this can only be purchased by one person, you can not drive it off the lot without paying for it. [Select] c) A subscription to Disney+ - you can not have a subscription without paying for it, purchasing a subscription does not lower the total number of subscriptions available. [ Select] d) A fireworks show on the 4th of July - the fireworks are visible to everyone in the town, whether or not they contributed anything to the display, one person viewing the fireworks does not make them less visible for anyone else. [Select] e) A…The example of bread and heat is usually given in a closed room in which a number of people live, to distinguish between purely public goods and purely private goods. Explain thisQuestion THREE Some reasons why resources could be allocated inefficiently by the market are negative externalities and positive externalities. Explain, using graphs, what the problem is in each case, and explain possible solutions to each problem. All of these problems might be described as arising due to poorly defined property rights. Explain the relationship of property rights to these instances where the market fails to allocate resources efficiently. Explain how a corrective tax can eliminate the inefficiency caused by a negative externality. Use a graph to assist your explanation.
- QUESTION 16 16. Entering patient health care data into a database accessible to health care professionals across the medical profession and a wide region increases the ability to apply artificial intelligence to diagnostics and treatment of diseases. This is an example of a) Negative consumption externality. b) Positive consumption externality. c) Negative production externality. d) Positive production externality. QUESTION 17 17. Which of the following is an example of a negative consumption externality? a) water pollution impact of a paper plant b) honey production and pollination of fruit trees c) second-hand smoke d) vaccination against a communicable disease e) none of the aboveWhat are the two characteristics of a common resource? give an example of a common resource and briefly explain the tragedy of the commons.Explain the difference between pure public goods and pure private goods.
- The graph below depicts a schedule of two individual marginal benefit curves (MB1 and MB2) as well as the social marginal benefit (SMB) curve. This good is non-rival in consumption and non- excludable in use, so the SMB was constructed using vertical summation of individual MB curves. Which of the following are TRUE? $20 $15 $13 a b d e Q1 Q2 Q3 SMB MB2 MBI Quantity O b. If the social marginal cost is $20 per unit, then Q2 is the output level that maximizes social net benefit. O e. None of the above are true. O d. Only b and care true OC. The social marginal benefit of the Q1st unit is $28. O a. It must be the case that Q1+02-03,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 Common Resource Club Good A cabana along a beach that is open to the public A large, beautiful statue in a park A new SUV that you use to drive your friends around townWhich one of the following is the correct order? (Hints: think in terms of their properties). Public goods, Private goods, Common resources Private goods, Public goods, Common resources Common resources, Public goods, Private goods Public goods, Common resources, Private goods