2. What kind of good is it?Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.Private GoodPublic GoodClub GoodCommon ResourceA large, beautiful fountain in a parkA new BMW that you use to drive your friends around townA free-weight station in a fitness room that is open to the public

Private goods are excludable and rival while public goods are non excludable and non rival in…

Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A large, beautiful fountain in a park A new BMW that you use to drive your friends around town A free-weight station in a fitness room that is open to the public

Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A large, beautiful fountain in a park A new BMW that you use to drive your friends around town A free-weight station in a fitness room that is open to the public

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 2CQQ

See similar textbooks

Similar questions

Why is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good?
The Gizmo Company is planning to develop new household gadgets. Table 13.4 shows the companys demand for financial capital for research and development of these gadgets, based on expected rates of return from sales. Now, say that every investment would have an additional 5 social benefitâ€”that is, an investment that pays at least a 6 return to the Gizmo Company will pay at least an 11 return for society as a whole; an investment that pays at least 7 for the Gizmo Company will pay at least 12 for society as a whole, and so on. Answer the questions that follow based on this information. If the going interest rate is 9, how much will Gizmo invest in R. How much will the firm invest if it also receives the social benefits of its investment? (Add an additional 5 return on all levels of investment.)
(Negative Externalities) Suppose you wish to reduce a negative externality by imposing a tax on the activity that creates that externality. When the amount of the externality produced per unit of output increases as output increases, the correct tax can be determined by using a demand-supply diagram; show this. Assume that the marginal private cost curve slopes upward. Negative Externalities: The Market for Electricity in the Midwest:
What do economists (and used-car dealers) mean by a lemon?