Identify each of the following goods as either rival or nonrival and excludable or nonexcludable. Based...

Identify each of the following goods as either rival or nonrival and excludable or nonexcludable. Based on your answers, would it be best to produce them as public goods or through a private market? a. Traffic Lights b. Energy Drinks c. Police Protection d. iPhone 12 e. Local library

Solutions

Expert Solution

Public good is a good which are non-rival and non-exclusive in nature. Non-rival means consumption of the public good by one person does not reduce its amount available for the other person. Non-exclusion means if public good has been provided then it does not possible to exclude one person from consuming it.

Private good is a good which is rival and excludable in nature. Rival means consumption of good by one person decreases availability of good for the other.

a) Non-rival and Non-excludable

It is provided as public good.

b) Rival and Excludable

It is provided as private good. Energy drinks is consumed by a person so reduces its availability for others.

c) Rival and Excludable

It is provided as private good. Polic protection is given to selected persons so it reduces its availability to others.

d) Rival and Excludable

It is provided as private good. iPhone 12 is a good which is purchased by a person and availability of this good is limited so it is rival and excludable.

e) Non-rival and Non-excludable

It is provided as public good.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

2. For each of the following goods, state whether it is excludable or nonexcludable. a. cable...

2. For each of the following goods, state whether it is excludable or nonexcludable. a. cable TV service b. free public wifi c. the local public library d. a ride in an Uber, Lyft, or taxi 3. For each of the following goods, state whether it is rival or non-rival. a. a large public park b. a freeway that requires toll payments c. a freeway that does not require toll payments d. a fresh avocado from the supermarket 4. NOTE: read...

1. Indicate whether or not the following goods are nonrival and nonexcludable, explaining if necessary: PSAA...

1. Indicate whether or not the following goods are nonrival and nonexcludable, explaining if necessary: PSAA 621: Economic Analysis Good Nonrival Nonexcludable Post office National Defense Flood control Social Security Books in public libraries TV programs A beautiful Sunset

What do excludable and rival mean in the context of describing the four types of goods...

What do excludable and rival mean in the context of describing the four types of goods we discussed in class? Give examples of each type of good and show how they are rival, nonrival, excludable or nonexcludable.

-Which of the following is true about general knowledge? It is not excludable but rival in...

-Which of the following is true about general knowledge? It is not excludable but rival in consumption. It is both excludable and rival in consumption. It is neither excludable nor rival in consumption. It is excludable and not rival in consumption. -As a result, private firms Would/Would not undertake the efficient amount of basic scientific research. -Which of the following policies has the United States adopted in response to this problem? Check all that apply. Subsidizing research through the National...

3. For each of the following goods, explain whether it possesses the nonexclusive property, the nonrival...

3. For each of the following goods, explain whether it possesses the nonexclusive property, the nonrival property, or both. If the good does not have the characteristics of a public good but is, nevertheless, produced by the government, provide an explanation for why that may be. i.Television receivers ii.Over-the-air television transmissions iii.Cable television transmissions iv.Elementary education v.College education vi. Electric power vii.Delivery of first-class mail viii.Low-income housing

What are the 4 types of goods? For each one, say whether they are excludable and...

What are the 4 types of goods? For each one, say whether they are excludable and whether they are rival in consumption.

All situations that involve non-excludable goods must lead to negative externalities. Identify if the statement is...

All situations that involve non-excludable goods must lead to negative externalities. Identify if the statement is true and explain why.

Which of the following pairs of goods includes a good that isexcludable and rival in...

Which of the following pairs of goods includes a good that is excludable and rival in consumption as well as a good that is excludable and not rival in consumption?Group of answer choicesA.pizza, cable TVB.pair of pants, clean airC.clean air, mathematical theoremD.basic research, fireworks display

Q1- Identify each of the following statistics as either descriptive or inferential. For each, give a...

Q1- Identify each of the following statistics as either descriptive or inferential. For each, give a reason to support your response. 1 The average age of students in our statistics class is 20 years old. 2 The average age of undergraduate students in the CUNY system is 20 years old. 3 Seventy-three percent of sixth-graders have cell-phones. 4 The salary of LeBron James is greater than the average salary of his teammates. 5 Eighteen of the twenty three...

Identify each of the following as either true or false regarding the professional responsibilities of a...

Identify each of the following as either true or false regarding the professional responsibilities of a design engineer. a) Your main responsibility is to satisfy the needs of your employer in a competent and professional manner. b) You need to keep good documentation only for important projects or when you have time. c) You need to be familiar with current industry trends, standards, and codes. d) You should be versed in professional ethics.

Subjects