Do the public goods conform to law of demand for which

Assignment Help Microeconomics

Reference no: EM13390690

A study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods:

State Activity Price Income

Elasticity Elasticity

Aid to needy people -0.83 0.26

Pollution control -0.99 0.77

Colleges and universities -0.87 0.92

Elementary school aid -1.16 1.14

Parks and recreational areas -1.02 1.06

Highway construction and -1.09 0.99

maintenance

(a) Do these public goods conform to the law of demand? For which public goods is demand price elastic? (b) What types of goods are these public goods? (c) If the price or cost of college and university education increased by 10 percent and, at the same time, incomes also increased by 10 percent, what would be the change in the demand for college and university education?

Reference no: EM13390690

Questions Cloud

Each student will create a blog to post their observations : objectiveto observe and document the concepts of this course through your observations and subsequent application to

Write a 4-6 page essay estimating role of governments in : write a 4-6 page 12 point font double-spaced essay evaluating the role of governments in assuring that developing

Explain the tax advantages of operating in the united : a foreign corporation can structure its u.s. operations as either a branch or a subsidiary. what are the tax advantages

Describe the need for project management software in large : the following topics must be reviewed in order for the paper to be complete all must be included in the assignment.1

Do the public goods conform to law of demand for which : a study published in 1980 b. b. gibson estimated the following price and income elasticities of demand for six types

Read the case study titled ldquostopping outshoppingrdquo : read the case study titled ldquostopping outshoppingrdquo located in the online course shell. then use the internet or

Explain how you intend to make sure the organizations : write a proposal of no more than 750 words outlining the research approach you will use for your strategic plan.

A lender wants to know if they can gather on their loans a : a lender wants to know if they can collect on their loans. a cash flow statement for the company owing the money will

Create the visual rendering depicting the design through : as the lead software engineer for a medium-sized hospital you have been asked to spearhead an effort to improve the

User Account

All Pages