Describe Quasi-public goods
Describe Quasi-public goods?
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Quasi public goods are those that have large spillover benefits, so government will sponsor their provision. Otherwise, they would be underproduced. Medical care, education, and public housing are examples.
Explain how, if at all, each of the following affects the location of the production possibilities curve?
Why Public or social goods not be produced through the market?
If one decisionmaker in interdependent circumstances calibrates its decisions to the anticipated reactions of the other party, in that case the decisionmaker is engaged within: (1) psychological forecasting. (2) profit maximization. (3) collusion. (4) strategic behavi
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good. Answer:
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
What is the difference between qualitative data and quantitative data, provide an example of each.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Assume that the equilibrium price within a perfectly competitive industry is $15 and a firm into the industry charges $21 there. Which of the given will occur: w) the firm's profits will rise. x) The firm's revenue will rise. y) The firm will not sell
The model of _____ was demonstrated by _____ along with the quote, “The loss of a small finger would remain the average European by sleeping which night, ... but, given he never observed them, he will snore with the most profound security over the loss of millio
What is the most important source of revenue and the major type of expenditure at the local level?
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