Question
Asked Oct 4, 2019
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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.

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Expert Answer

Step 1

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.

Step 2

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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