Asked Oct 4, 2019

1. Private goods.

a. Please explain private goods.

b. Please explain their characteristics.

c. Please give 2 examples of private goods,

including why those examples best fit your definition.


Expert Answer

Step 1


Private goods are purchased and used by an individual and are not available for others to use it. A private good only adds up to the utility of the individual who purchased it.

Step 2


Characteristics of Private goods are:

Excludable – Some people can be prevented by the producers from consuming the good/service based on their willingness or ability to pay.

Rivalry ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Related Economics Q&A

Find answers to questions asked by student like you

Show more Q&A add

Q: The table below shows two demand schedules for a given style of men's shoe-that is, how many pairs p...

A: The table of demand for a given style of men's shoe is given below: 


Q: marginal willingness to pay for pollution abatement, A, for each consumer class. (Abatement is reduc...

A: (a) Given that marginal willingness to pay by the polluter from region O is  13-Q where marginal wil...


Q: I need help answering number 1

A: The initial cost of the dam is given to be $100,000,000 and the cost of decommissioning the dam is s...


Q: How many plates of claims will Bob consume in total?

A: The consumption done by the individual provides the marginal benefit to the consumer and the expendi...


Q: 1. The farmer produces 115 pounds of oranges at a total cost of $1.38 per pound.   He sells all of t...

A: (1)It is given that firm F produces 60 gallons of orange juice at $3.81 per gallon which includes th...


Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies. ...

A: PPF (production possibility frontier) shows the different combinations of two goods which can be pro...


Q: How much damage can Saudi Arabia do to the United States economy if they started selling their Oil u...

A: US has been trading partner with Saudi Arabia since long. Saudi Arabia gets weapons and arms from US...


Q: Suppose that the U.S. government decides to charge wine consumers a tax. Before the tax, 15 million ...

A: Tax incidence refers to the proportion in which tax is shared by the producer and consumer and it is...


Q: The company that you manage has invested $5 million in developing a new product, but the development...

A: given information is that, i have invested 5 million already and now the expected sales of new produ...