Microeconomics
Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
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Chapter 17, Problem 10P
To determine

  1. Whether the visits to Butchart Gardens are excludable or non excludable? Are they rival in consumption or non-rival? What type of good is it?
  2. In a diagram, illustrate the demand curve for visits to Butchart Gardens. Indicate the situation when Butchart Gardens charge an admission fee of $30. Also indicate the situation when Butchart Gardens charge no admission fee.
  3. Illustrate the dead weight loss from charging a $30 admission fee. Explain why charging a $30 admission fee is efficient.

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