Explain why private firms would not run a lighthouse

Assignment Help Microeconomics

Reference no: EM13176832

In the old days lighthouses were built along the coast to prevent ships from runnung around on the rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from the rocks, these vital buildings reduced the risk for ship captains and were genrally considered to be extremely valuable resources. Curiously, lighthouses were almost always run and maintained by local governments. Explain in economic terms why private firms would not run a lighthouse.

Reference no: EM13176832

Questions Cloud

Calculate incremental costs to fit in a production run : The State Department of Transportation has called for tenders to supply 10,000 gallons of blue reflective paint to be delivered within two months. You can foresee fitting in a production run of the blue paint and have decided to bid on the job.

Write a balanced equation for the reduction of ethyl : Write a balanced equation for the reduction of ethyl acetoacetate to S(+) ethyl 3-hydroxybutanoate, show stereochemistry

Compute the freezing point and boiling point : Volume after mixing is 131mL. Kf=1.86 C/m -- Kb=0.512 C/m Calculate the freezing point and boiling point?

Determine the delta-h and delta-u : The pressure is steeply increased to 100 bar. The volume of the liquid is decreased by 1 ml at this constant pressure. Find the deltaH and deltaU

Explain why private firms would not run a lighthouse : In the old days lighthouses were built along the coast to prevent ships from runnung around on the rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from the rocks, these vital buildings reduced the risk for ..

How much surplus do producers receive : The supply curve for product X is given by QXS = -340 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?

Carboxylic acid containing compound of industrial importance : Adipic Acid (H2C6H8O4) is a carboxylic acid containing compound of industrial importance, notably due to its use during fabrication of nylon. Adipic acid can be titrated using NaOh by the following reaction

Define cardinal utility functions : If two people have cardinal utility functions, person1 is Utility = XY and person2 is Utility = (XY)^1/3 which bundle would they find to be best Bundle 1: Has an indifference curve of Y = 1/X

State electrons and the quantity of electrons : electrons and the quantity of electrons it has is the maximum. Calculate its mass number and a number that matches with the 34 neutrons it has.

User Account

All Pages