Characteristics of Public Goods and Services - Quantity of Crime Prevention Activities - Economics Assignment Help

Assignment Task :

Essay Task:  Select two (2) of the essay questions listed below. As part of your response you should incorporate economic concepts and refer to relevant economic diagrams.  Each essay must be appropriately referenced                     

1. Crime prevention is considered a public good.

1. What are public goods and services?  Explain why public goods and services are provided. 

2. Identify and explain the characteristics of public goods and services.

3. What is a common method used to determine an appropriate quantity of crime prevention activities, and detail how it would be evaluated?

4. What else must be considered in determining the appropriate level of expenditure on crime prevention activities?  Use a graph to illustrate.

5. Pollution is a by-product of economic activity in the production of goods and services.

6. How does the existence of negative externalities of pollution distort resource allocation in the economy?  Use a graph to illustrate how an over- and under-allocation of resources can occur.

7. Who bears the burden if there are fees or taxes on producers that cause pollution?

c) Analyse the different methods of regulation available to a government to limit environmental pollution.

d) Explain which method of regulation is considered to be the most economically efficient.

3. Most countries do not provide higher education (beyond secondary school education) as a public good.  However, it is encouraged, and the cost subsidised, in many countries, including Australia.

1. What are the considerations in deciding to pursue higher education?

2. What are the benefits to society and the economy from its citizens undertaking higher education?

3. Use a graph to show the effect of externalities on equity, efficiency and the allocation of resources.

4. There are a number of different possible market structures, each with varying degrees of market power.

1. 1. Identify the characteristics of an oligopoly market.

   2. What are the reasons some markets are dominated by only a few large firms?

   3. Use a graph to explain how suppliers in an oligopoly market can abuse market power to generate higher profits. 

   4. List and explain forces that can decrease market power.

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