Topic 6 Assignment

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Miami University *

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201

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Economics

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May 17, 2024

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Name: Topic 6 HW 1. Draw a graph of a negative externality, be sure to clearly label all axes and lines. Point out the deadweight loss. 2. Draw a graph of a positive externality, be sure to clearly label all axes and lines. Point out the deadweight loss.
Name: 3. Decide whether the following items are private/external benefits/costs. a. The price you pay for the complete discography of blink-182 on vinyl. i. private benefit b. The benefit your neighbor receives from hearing the greatest band of all time blasting through your speakers. i. external benefit c. The annoyance of your lame neighbor because he hates good music. i. external cost d. The pleasure you receive from making a great purchase i. private benefit e. The price you pay for a security system for your home. i. private cost f. The safety you enjoy from having a secure home i. private benefit g. The crime that is more likely to occur to your neighbor once a burglar sees your “protected” sign outside. i. external cost h. The extra safety your neighbors might experience due to a safer neighborhood. i. external benefit 4. Consider a factory in the middle of nowhere that produces a nasty smell. a. If no one is nearby to smell the odor, are there any externalities present? i. No b. Suppose a family moves in next door to the factory. Do we now have an externalities problem? If so, who is causing the externality?
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