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Unformatted text preview: d Total Individual Benefit) The table shows the total cost and total
individual benefit of animal control for residents of a small town. If there are 1,000
residents, what is the total social benefit of three animal control officers?
51. A model (theory) must have at least two assumptions.
52. The government set an effective price ceiling on rent for NYC apartments, causing a
shortage. This is an example of a market failure.
when a government intervenes like this, they are trying
to fix a market failure not causing one.
53. Since pollution negatively affects people (reduces utility and/or increases production
costs), the efficient amount of pollution is zero.
pollution is necessary to live; cars, lights, heat, all require pollution
and are necessary
54. Assume you live in Boulder and like to ski. If Eldora Ski area (20 miles from Boulder)
deteriorates in quality (one of their ski lifts breaks) your demand curve for trips to
Winter Park Ski area (70 mil...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.
- Fall '07