1. (5 points) (a) What price will an unregulated monopoly charge? (b) What quantity will an unregulated monopoly produce? (c) If the regulated price is $10 per unit, how many units will the regulated...

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1. (5 points) (a) What price will an unregulated monopoly charge? (b) What quantity will an unregulated monopoly produce? (c) If the regulated price is $10 per unit, how many units will the regulated monopoly produce? (d) What is the quantity demanded at the regulated price of $10? Is there a surplus or a shortage or neither at the regulated price? (e) What is the deadweight loss to society when the regulated price is $10? 2. (5 points) Assume that the city government announces that public parks in the city belong to the public and from now on the public will be responsible for keeping the parks clean and the government will no longer perform that function. Will the city parks be clean after this change in government policy? Please give an explanation which includes the concept of the free-rider problem. 3. (5 points) (a) Is electricity for home consumption a public good? Please give an explanation. (b) Is a traffic light a public good? Please explain. 4. (5 points) In what way are vaccinations (not just for Covid19 but vaccinations in general) a positive or negative externality? Please give an explanation. Homework 11 Rubric Homework 11 Rubric Criteria Ratings Pts Question 1a 1 pts Full Marks Price is correct 0 pts No Marks Price is incorrect / 1 pts Question 1b 1 pts Full Marks Quantity is correct 0 pts No Marks Quantity is incorrect / 1 pts Question 1c 1 pts Full Marks Price is correct 0 pts No Marks Price is incorrect / 1 pts Question 1d 1 pts Full Marks Quantity is correct 0 pts No Marks Quantity is incorrect / 1 pts Question 1e 1 pts Full Marks Deadweight loss is correct 0 pts No Marks Deadweight loss is incorrect / 1 pts Question 2 5 pts Full Marks Answer is correct and explanation for whether city parks will be clean is given 4 pts Partial explanation Answer is correct and explanation is given but student does not describe the free rider problem 3 pts Missing explanation Student just states the correct answer but does not give any explanation 2 pts Incorrect answer attempted explanation Answer is incorrect and explanation is attempted. 1 pts Incorrect answer no explanation Answer is incorrect and no explanation is attempted 0 pts No Marks Blank answer / 5 pts Question 3a 3 pts Full Marks Student correctly states whether it is a public good and discusses the properties of public goods in the explanation. 2 pts Partial explanation Student correctly states whether it is a public good and only discusses one of the properties of public goods 1 pts No explanation or incorrect answer Student correctly states whether it is a public good and does not give any explanation or incorrectly states whether it is a public good and attempts an explanation 0 pts No Marks Incorrect or blank answer / 3 pts Question 3b 2 pts Full Marks Student correctly states whether it is a public good and discusses the properties of public goods in the explanation. 1 pts partial or no explanation Student correctly states whether it is a public good and only discusses one of the properties of public goods or does not give an explanation 0 pts No Marks Incorrect or blank answer / 2 pts Question 4 5 pts Full Marks Student correctly points out whether it is a positive or negative externality and explains why it is an externality and why it is positive or negative. 4 pts Partial explanation Student correctly points out whether it is a positive or negative externality and either explains why it is an externality or why it is positive or negative, but does not do both 3 pts No explanation Student correctly points out whether it is a positive or negative externality and does not give an explanation 2 pts Incorrect answer attempted explanation Student incorrectly points out whether it is a positive of negative externality and attempts an explanation 1 pts Incorrect answer no explanation Student incorrectly points out whether it is a positive or negative externality and does not give an explanation. 0 pts No Marks Blank answer / 5 pts Total Points: 0 Drag a file here, or click to select a file to upload