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Please answe both questions no more than 250 words, these are short answer questions do not need 2-3 page answers.
1. Identify a product that you have consumed in the past couple of months and explain what makes the product a public good, based on the characteristics of a public good.
2. Discuss two (2) reasons why the government only supplies public goods. Provide specific examples to support your response
Txtbook readings " A public good is available for everyone to utilize, regardless of who pays for it and who doesn't. More precisely, a public good is nonrival in consumption: The fact that one person benefits from a good does not prevent another person from benefiting. For example, the fact that I benefit from a flood-control dam doesn't reduce your benefit from the dam. Public goods are also nonexcludable : It is impractical to exclude people who don't pay. Some examples of public goods are national defense, law enforcement, space exploration, the preservation of endangered species, the protection of the earth's ozone layer, and fireworks shows. If someone refuses to pay for one of these public goods, it would be impractical to prevent that person from consuming or benefiting from the good."
After Apple introduced its new iPhone, the price of standard cell phones rose. A consumer advocacy group that has long claimed that standard cell phone producers are colluding like a monopolist asserts that this is further evidence
suppose an individuals utility function over consumption of x and y is given byuxy x ? 1013y23where x and y are
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
The price of X and Y are $40 and $60 respectively. Use the following table of total utilities to answer the following questions.Good Total Utility of X Total Utility of Y
Ice cream and pie if these are goods that you like, but if you eat too much of either, you get sick of them. If you are sick of a good, eating more of it lowers you utility.
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
The firm's president concurs with the opinion of the executive vice-president and As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
The process of lobbying legislatures is itself a big business. State legislatures are under the same kind of pressure from interest groups as the Senate and the House of Representatives.
1. what are the eight basic facts about the financial structure in the u.s. economy? how do some of these facts compare
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
Question about micro economics- Sam Smith owns an internet radio company that has subscribers in Houston and Dallas
What is the slope of an engel curve for perfect substitute and perfect complement goods if price of good x is less than price of good y?
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