User Account

All Pages

Why is river preservation considered a public good

Assignment Help Business Economics
Reference no: EM132117727

Suppose the state is trying to decide how many miles of a very scenic river it should preserve. There are 2,500 people in the community, each of whom has an identical inverse demand function given by P = 25 - 0.1(Q), where Q is the number of miles preserved, a public good, and P is the per mile price he or she is willing to pay for Q miles of preserved river. The total cost function for river preservation is TC = 4,000(Q).

(a) Why is river preservation considered a public good?

(b) What is the competitive market equilibrium price and quantity for miles of river preservation?

(c) What is the socially efficient outcome?

(d) What is the value of net benefits at the socially efficient equilibrium?

Reference no: EM132117727

Questions Cloud

What is the opportunity cost : What is the (opportunity) cost, in dollars, of purchasing the frog? (Do NOT enter the $.)
Why labour union scarce in new york low-income neighbourhood : In Modern Rarity, Workers Form Union at Small Chain In New York's low-income neighbourhoods, labour unions have virtually no presence.
Describe the four characteristics of educational systems : Describe the FOUR characteristics of educational systems that Ravitch lists as high-performing nations.
Devise an assessment plan of applications for performance : Apply concepts and theories of human factors as related to network design and implementation - Human factors in network analysis and design
Why is river preservation considered a public good : (a) Why is river preservation considered a public good? (b) What is the competitive market equilibrium price and quantity for miles of river preservation?
Who wins from the union contract : In Modern Rarity, Workers Form Union at Small Chain In New York's low-income neighbourhoods, labour unions have virtually no presence.
How can behavioral economics be used for as a student : How can behavioral economics be used for as a student? How can it be apply and use behavioral economics if were a small business owner?
How can the union try to change the demand for labour : In Modern Rarity, Workers Form Union at Small Chain In New York's low-income neighbourhoods, labour unions have virtually no presence.
Discuss about the business continuity management : Offer an in-depth comparison (overall goals, program components, resources needed, etc.) between these continuity planning initiatives.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd