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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."
describe how a firms microenvironment can determine how profitable it will be?provide examples of organizations as well
rajs utility bundles of x and y is given by uxyxya. fill in the table with rajs utility for the corresponding bundlesx1
Why does rent control result in a shortage of rental units.
A monopolist faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day.Assume that the firm faces no fixed cost.
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
1.how do you know that the firm represented in the graph above is a purely competitive firm?2.to maximize profits this
A firm in a perfectly competitive market invents a method of production that lowers marginal costs. What happens to output What happens to the price it charges A. The firm has an employee who threatens to tell all other firms in the industry about..
Draw a graph how hot weather affects the market equilibrium pice and quantity of gas - during the Summer of 2012 the US experienced record hot temperatures.
What are the various methods of inventory valuation? Explain the effect of inventory valuation methods on profit during inflation. What are the provisions of Accounting Standard 2 (AS-2) with regards to inventory valuation?
How much should the retailer set the camera price at in order to maximize his own profit and what is the most logical explanation to what may have happened assuming that both companies kept doing business afterwards as usual?
Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..
question 1 using the same amount of resources the united states and canada can both produce lumberjack shirts and
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