10 a) Define the different types of goods (public versus private) relative to rivalry, common resources, club goods, excludability and the free-rider principle? What can be suggested (proposed) to overcome the “free-rider problem”? What is the importance of private property rights as it relates to the mitigation of market failure ? See the various related questions to # 10 (a) – (d) below…….
Refer to Chapter 11, Figure 1, pages 215 – 228. Focus your study on pages 216 – 220; Refer to class discussion & BB notes.
10 b) What is meant regarding “third-party” external benefits versus external costs ?
Chapter 10 review and BB notes !
Can public & private goods generate externalities ? If so, what can be done to improve resource allocation designed to promote external benefits and mitigate external costs?
Refer to class discussion & BB notes, text, pages 19, 150, 195 – 196. Review Chapter 10, pages 195 – 202.
10 c) In your analysis, discuss external benefits associated with education and how it impacts the marginal private & marginal social benefits? What happens to both price and output when the external benefits of education are considered.
Chapter 10, pages 195 – 199 Figures 1 – 3;
10 d) What are external costs ? Graph and explain the relationship between price and output when social costs exceed private costs (i.e. pollution of a paper / manufacturing company)?
Answers
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Posted 17 May 2017 08:05 AM
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