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Provide an economic rationale for the government policy

Assignment Help Microeconomics
Reference no: EM132151799

ECONOMY ASSIGNMENT -

Five true/false questions. Explain each in one sentence. Two short answer questions. Explain in one paragraph. Be as precise as possible.

True/False explain:

1. In using a market to control access to a non-rival but excludable public good, efficiency in consumption requires that the price be zero.

2. In every case, switching from a gasoline-powered vehicle to an identically-sized electric vehicle will reduce the negative externalities caused by driving.

3. One of the main problems with command and control regulation is a failure of the equimarginal principle.

4. In Seattle, land owners are required by city ordinance to build and maintain sidewalks. This policy will improve economic efficiency relative to policies in which land owners can decide when and how much to invest in sidewalks.

5. Allowing a monopolist to price discriminate harms social welfare because it allows the monopolist to claim more surplus.

Short-answer Questions -

Government policy interventions are pervasive throughout the world. In each of the following cases, please provide an economic rationale for the government's policy.

6. Vaccination requirements for children attending school.

7. Government Rate-Setting of electricity.

Please use simple and clear explanation. Refer to market failures (Market power, externalities, public goods). Regulatory fixes (antitrust rules, commanding control, corrective taxes, cap and trade). Thanks.

Verified Expert

This was a question and answer assignment and explanation. The first five questions were to be answered true or false with a one sentence explanation while the last 2 questions were just to be answered by explanations alone.

Reference no: EM132151799

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Reviews

urv2151799

11/28/2018 12:45:32 AM

Very good work and professionalism, however I urge the experts to read through the solution, thoroughly! There are 4-5 grammatical mistakes found and after telling you revised, that was good. Thanks I am satisfied with your service.

urv2151799

11/28/2018 12:45:08 AM

Hi there! Thank you very much for your help. Professor in class said that optimum price of public good once produced excatly match with your answer? I understand this explanation of equimarginal principle. Everything is very clear and precise. The explanation is just exact explanation of the question. It was necessary to refer to homogeneus pollutant in the explanation.

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