Answer the questions below must be at least 150 words

1.Give an example of a positive and a negative externality. Would a Coasean solution resolve the economic efficiency of the externalities you cite? Why or why not?

2. In Costa Rica, only a few beaches remain that are nesting grounds for sea turtles. Some of those beaches have communities situated near them. Traditionally, the local people collected the turtle eggs and sold them for their purported aphrodisiac powers. As a result, sea turtle populations became endangered. To protect the sea turtle populations, the Costa Rican government gave each family in these villages ownership of a portion of the beach to do with as the family pleases, including the harvesting and selling of sea turtle eggs. Sea turtle populations have started to increase. The economic rationale for this action has to do with the differences between public, common, and private goods. Select an example of your choosing that would display how the government could take an action (or has actually taken one) that might change how a resource would be treated in the future. Take a look at common resources (such as the turtles) and use your own example to explain the economic rationale for a positive result.

3. Explain the statement: “Fixed costs exist only in the short run. In the long run there are no fixed costs.” Why might the time frame for the “short run” differ from one industry to the next? Provide examples of two industries with different time frames for the short run. Explain why this is the case.

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