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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."
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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