2.21 Some have dubbed the World Wide Web the \"World Wide Wait\" due to the dela

Question

2.21 Some have dubbed the World Wide Web the "World Wide Wait" due to the delays that may be encountered in searching for information on the Internet. Explain why the delay may be attributable to the government's role in start ing the Internet and resistance to levying charges based on usage. 2.22 Consider the case of shopping for a Valentine's Day present. What is likely to be your price elasticity of demand the less time you leave to shop for the present in advance of Valentine's Day, everything else being equal? Explain. 2.23 In 2007, close to 30 percent of all flights into and out of New York City's John F. Kennedy International Airport experienced delays-up 10 percent higher than in the previ- ous year. Explain how this phenomenon is related to a fed- eral decision to remove the limit, in early 2007, on the number of arrivals and departures between 3 P.M. and 8 P.M. and the unwillingness by authorities to rely on prices to ensure that the quantity supplied of runway capacity equals quantity demanded at any given point in time. Are passen. gers better off under a system in which airlines are charged

Explanation / Answer

2.21: Internet provides the users a common pool of information which is accessible to everyone despite of their location, religion, geographical presence and wealth status. The problem of delayed internet searches may be due to the problem of commons which has been widely used in economics.

The government has made internet free for everyone, by sticking to the principle of net neutrality. Thus no one has rights to access the web facility. If the government levies charges on the use of the internet than a large section of people who do not have the monetary resources to pay the charges will go out the race and a small traffic will be there to access the facility, hence rising the speed of the network as well.

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