1. Explain what is meant by a good being excludable. Explain what is meant by a good being rival in consumption. Is a slice of pizza excludable? Is it rival in consumption?

2. Classify each of the following goods according to whether they are excludable and whether they are rival in consumption. Also state what kind of good each is and if the good would be provided in the private market.

a. Use of a public park

b. A burrito

c. Information from a website that is password-protected

d. Publicly announced information on the path of an incoming hurricane

3. Rocky Mountain Forest is a government-owned forest in which private citizens were allowed in the past to harvest as much timber as they wanted free of charge.

a. State in economic terms why this is problematic from society's point of view.

b. What are the possible remedies to this problem

4. A medical office does MRI (magnetic resonance imaging) scans on patients. It has two MRI machines (these are the medical office's capital). Each scan requires a technician (the medical office's labor) to run the MRI machine. The table below gives the medical office's production function. Number of Number of Scans Marginal Average Technicians Completed Per Day Product Product 5 10 14 17 20 a. Fill in the blanks for marginal product and average product. b. If the price of labor is $200 per worker a day and the price of capital is $150 a day for each machine, answer the following: i. What is the labor cost of doing 10 scans in a day? ii. What is the variable cost of doing 17 scans in a day?5. Use the information for a bicycle repair shop in the table below to answer the following questions: Bicycles Repaired Cost Marginal Revenue Marginal Per Day Cost Revenue 100 150 200 260 ONaUAWNPO 330 410 500 600 710 a. Fill in the blanks for marginal cost, revenue, and marginal revenue. Assume the price for repairing a bicycle is $80. b. How many bicycles must the store repair per day to maximize profits? c. If the price for repairing a bicycle rose to $100, how many bicycles will the shop repair?6. For the table below, fill out the missing information, determine where the profit-maximizing level of output occurs. Quantity Total Marginal Total Marginal Profit Produced Cost Cost Price Revenue Revenue 0 $80 $50 $80 2 $102 $80 $157 $80 4 $222 $80 5 $300 $80 6 $380 $80 7 $462 $80 8 $582 $807. Calculate the Marginal Product of Labor for the table below. Also, how does the marginal product of labor change as more and more labor is added to the shop while all the other inputs are held fixed? Explain the economic intuition behind this observation. Labor Output Marginal Product of Labor 0 0 1 50 2 90 3 120 4 140 5 150 6 145 130