9. In one sentence state whether each good below is private, pure public, or partially public.
· Golden Gate Bridge
· F-35 fighter jet
· 11th Grade education in California
· Jamoca Almond Fudge® ice cream from Baskin-Robbins
· This ECN 130 course at UCD
· The air that we breathe
· My Lego watch
· Lake Tahoe
· A 70 MPH speed limit on interstate highways
· Local weather forecasts
10. Very briefly explain in words and/or graphs why we say that to determine the “efficient” quantity of a PPRIVATE GOOD we add up the individual demand curves for this good horizontally.
11. Very briefly explain in words and/or graphs why we say that to determine the “efficient” quantity of a PUBLIC GOOD we add up the individual demand curves for this good vertically.
private goods : excludable and marginal cost of providing good is positive
pure public goods : non excludable and 0 marginal cost
partial public goods : either of two features of pure public good is absent ,
golden gate bridge | partial public ( as they may be cost imposed ) incase of congestion |
F-35 jet |
partially public |
11th grade education |
private good(as excludable ) |
jamoca almond fudge | private good (as excludable ) |
this eon 130 course | private good ( as excludable ) |
air we breathe | pure public |
lego watch | private (as excludable) |
lake tahoe | pure public |
70 mph speed limit on highways | partially public ( as there may be fine for exceeding the limit) |
local weather forecast | partial public ( some people of other areas can be excluded ) |
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