Public good

Question 1 Which of the following is a good example of a congestible public good? Question 2 A baseball field is: Question 3 A means of creating a price-excludable public good is: Question 4 An example of an undesirable public good (or public “bad”) is: Question 6 The marginal cost of making a given quantity of a congestible public good available to more con­sumers is: Question 7 Public transportation is: Question 8 The efficient output of a pure public good is achieved at the point at which: Question 9 The demand curve for a pure public good is: Question 10 The nonrival property of pure public goods implies that the: Question 11 The principle of nonexclusion for pure public goods means that the benefits of the good: Question 12 The free-rider problem: Question 13 Cable TV programming is an example of a: Question 14…

By definition, “public good” is a commodity that is provided without benefit to ALL members of a society either by government, a private individual, or an organization. Hank Rearden proudly says, “The public good be damned. I will have no part of it!” (445) This profound statement brought the courtroom to an uproar of cheer and applause, leaving Hank just as startled as the three judges before him. His statement was bold. His statement set him apart from a great number of business men such as,…

Public goods and common resources are both non-excludable goods that can be used by all individuals. The different between both is that public goods are non-rivalry where people cannot prevent another person from using the goods and common good are rivalry are one person can prevent another from using the goods at the same time. Public goods are generally positive externalities while common resources are generally negative externalities. These goods are provided for every one to use, enjoy…

In Gerson’s article, “The Public Good vs. Individual Freedom”, he expresses his strong beliefs on the controversial topic of measles vaccinations and his stand on positive freedom. Gerson explains the importance of vaccinations while identifying the seriousness of the disease and the risks it brings when parents refuse to get their children vaccinated. He argues against allowing parents the individual freedom to decide whether or not to get their child vaccinated. To summarize, Gerson’s article…

There can exist no Public Good, by definition, if there is no Public informing it. The Public is comprised of stakeholders who have a share in whatever outcomes are being determined. Benefits afforded to members of the Public delineate the Public Good. Then, Progress, in turn, arises from the continuous contributions made to the Public Good. While most people would agree that contributions made toward the Public Good constitute as Progress, very few people could agree on what the Public Good…

According to Crittenden (2001), this separation has left the most hardworking people (mothers) as ‘dependents’ who are considered not working and who have to be supported. This devalues the individuals who work as their child’s caretaker making it appear that raising a child does not include labor intensive work. Even though the future of the economy is in the hands of those who are raising the next generation's human capital they are viewed as a private good. Since human capital accounts for…

Allocative efficiency requires business to supply the optimal amounts of all goods and services demanded by society, and they are rationed to individuals who place the highest value on consuming them. Well-functioning competitive markets deliver the best possible price and quantity that achieves social economic efficiency (Thomas & Maurice, 2013). Market failure occurs when a market fails to achieve social economic efficiency and fails to maximize social surplus (Thomas & Maurice, 2013). There…

million dollars in order to build the Raiders Stadium, which they assure will not burden the residents of Las Vegas. Instead, they guarantee that the tax that will help pay for such a large sum will be a hotel room tax which would not affect the residents of Las Vegas and instead will affect tourist. The room rate, tax would increase from 12.9 to 14.28 percent. However, a stadium in Las Vegas is still a large change and without knowing if the increase in tax will actually be able to pay for the…

Despite the overwhelming evidence confirming anthropogenic climate change deterrents continue to argue that there is still an open debate on the subject. However, the real debate only lies in the political realm. Conservatives refuse to make policy action on climate change resolutions while large industries continue to invest money into creating uncertainty among the public. For example, “The United States continues to struggle with a broad and coherent climate and energy policy. The last…

Founded by two Chicago fitness experts, Shred415 now is one of the most popular gyms in Chicago. It offers high-intensity workout class, made up of four 15-minute intervals alternating between cardio work on top quality Woodway treadmills and weight-training to provide calories burning and muscle building experiences (Shred415). As an emerging entrepreneurial company, Shred415 has to sell a distinct brand in the marketplace in order to survive and thrive in the fitness industry. After conducting…