Scenario: Private and External Benefits a Small Community Finds That

question 152

Multiple Choice

Scenario: Private and External Benefits A small community finds that tidy lawns and neighborhoods provide both private and external benefits.They determine that the marginal private benefit (MPB) of lawns can be represented by the following equation: MPB = 50 - 0.5Q, where Q is the number of hours spent on keeping lawns tidy.The marginal private cost (MPC) of such lawn upkeep is represented by the following equation: MPC = 0.5Q, where Q is again the number of hours engaged in lawn upkeep.
(Scenario: Private and External Benefits) Look at the scenario Private and External Benefits.The community decides that given all the benefits of lawn upkeep, it is important to maintain the socially optimal number of lawn upkeep hours.In order to achieve this, the community will:

• A)require community lawn service of 45 hours.
• B)subsidize everyone who contributes to lawn upkeep with a payment of $15.
• C)implement a Pigouvian lawn tax of $65.
• D)provide no additional funds to lawn upkeep.

Recognize the distinction between introversion and shyness.

Understand the concept of distinct and stable personalities across different species.

Grasp the usage of factor analysis by trait theorists in identifying basic personality traits.

Acknowledge the impact of biologically inherited temperament and behavioral styles on personality.

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Definitions:

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Psychology

Psychology is the scientific study of the mind and behavior, exploring various aspects of conscious and unconscious experience as well as thought processes.

Religious Convictions

Deeply held beliefs pertaining to religion or spirituality that guide an individual's thoughts and actions.

Stupidity

A blunt term often used to describe a lack of intelligence, understanding, or foresight.