Question

2. Is a lighthouse a public good if it benefits many ship owners? What if it...

2. Is a lighthouse a public good if it benefits many ship owners? What if it primarily benefits ships going to a port nearby?
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A public good has two main characteristics they are non-rivalrous and they are not excludable. That means they can be used by many people at the same time and we can't exclude anyone from using it. A lighthouse fits both the criteria. Many ships can benefit from a lighthouse at the same time and no one can exclude anyone from using the lighthouse. So, it is a public good.

It doesn't matter if it benefits the ships going to a port nearby. The lighthouse is still doing its function of guiding ships in the sea and it is fulfilling both the criteria of a public good.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
2. Is a lighthouse a public good if it benefits many ship owners? What if it...
2. Is a lighthouse a public good if it benefits many ship owners? What if it primarily benefits ships going to a port nearby?
QUESTION 3 If the benefits of inspecting container cargo on a ship is the ability to...
QUESTION 3 If the benefits of inspecting container cargo on a ship is the ability to catch dangerous or smuggled goods, according to Nordstrom, the costsinclude: (Pick all that apply) Costs to the other ships trying to get into the port to unload and/or load up goods Costs to the Port Authority (and therefore taxpayers) Costs to the traders Costs to the factories and firms that depend on imported inputs
A public good is a good: a.) Whose benefits to any particular individual do not depend...
A public good is a good: a.) Whose benefits to any particular individual do not depend on how many other individuals benefit from it. b.) That benefits many people whether or not they have paid for it. c.) All above are true d.) that is non-rival in consumption and non-excludable
Which of the following is NOT an example of a public good? national defense lighthouse street...
Which of the following is NOT an example of a public good? national defense lighthouse street performers national parks Which of the following are club goods (select all that apply)? a Fourth of July fireworks show attendance at an NHL hockey game between the Pittsburgh Penguins and the Minnesota Wilds streetlights a dose of flu vaccine an uncrowded swimming pool a bacon double cheeseburger Common resources are associated with the incentive to (select all that apply) conserve overuse maintain trade...
What are the supposed benefits of targeting owners' wealth?
What are the supposed benefits of targeting owners' wealth?
What is difficult about using cost-benefit analysis to estimate the level of a public good that...
What is difficult about using cost-benefit analysis to estimate the level of a public good that will maximize social welfare? The government cannot use cost-benefit analysis to estimate this. It is difficult to estimate the marginal costs of supplying a public good. It is difficult to estimate the marginal social benefits of supplying a public good. The costs of using it may make the provision of the public good prohibitive.
2. Explain the difference between a private good and a public good. Why has there been...
2. Explain the difference between a private good and a public good. Why has there been an increase in the number of public goods "produced" by governments?
A public good has a marginal cost of $100 per unit. There are four people in...
A public good has a marginal cost of $100 per unit. There are four people in the population who have marginal private benefits from the public good given by 50−Q, 100−3Q, 25−Q, and 65 − 2Q respectively. a) What is the efficient amount of the public good? Explain your answer, and explain what makes this different from a private good. b) If you didn’t know how each consumer valued this public good, what issues might you run into if you...
10. A series of steps is involved in selling shares to the public. Specify the steps...
10. A series of steps is involved in selling shares to the public. Specify the steps in chronological order starting from Stage 1, 2, 3, and 4. A. Pricing, marketing shares, preparation of the documents, evaluation of costs and benefits of going public. B. Evaluation of costs and benefits of going public, preparation of the documents, marketing shares, pricing. C. Evaluation of costs and benefits of going public, pricing, preparation of the documents, marketing shares. D. Marketing shares, evaluation of...
A. Define a (i) private good; (ii) public good; and (iii) common resource. B. What is...
A. Define a (i) private good; (ii) public good; and (iii) common resource. B. What is a “free rider problem,” and what challenge does it pose for the private production of public goods and services? C. How is the demand for a public good different from the demand for a private good? D. Outline the role government plays in the provision of public goods. Please use text to explain.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT