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In: Economics

Use the following classification to determine which category each of the following goods falls into.   ...

Use the following classification to determine which category each of the following goods falls into.
  
GoodsPrivate GoodClub GoodCommon ResourcePublic Good
Snow plowing of public streets immediately after a heavy snowfall
Local street lighting
Museums that require admission fees
Congested city streets
Flu vaccine

Solutions

Expert Solution

Private Goods - flu vaccine and Congested city streets
reason: it is an excludable good. It is possible that people can choose to get vaccine shots if they want or excludable to those who don't get it. It is also rivalrous becuase one person getting a flu vaccine means other persons getting one less of it. Similarly, a congested city street is also an excludable good and rivalrous in nature because If a person supposedly parks a car, he blocks all the space for others to park or walk in that road.

Club good- Museums that require admission fees.
reason: these are excludable but non- rivalrous. It is excludable because people can visit a museum if they pay an admission fee and those who are nt willing to pay can be excludabel. it is also non-rivalrous in nature because, a museum operation in one part of a city does not create any rivalry to any other museums. People are free to choose according to their choices.

Common Good- Snow plowing of public streets immdaitely after a heavy snowfall, that is because it is collectively shared or used by everyone staying near or at that area.

Public Resurce good- local street lightening, it is a public good because it is both non-excludable and non-rivalrous in nature.

Rahul Sunny answered 8 months ago
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