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Social Science1. 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.
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
a)
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.
b)
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 ...
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