Question 1 a. Define a (i) private good; (ii) public good; and (iii) common resource. b....

Question 1 a. Define a (i) private good; (ii) public good; and (iii) common resource. b. What is a “free rider problem,” and what challenge does it pose for the private production of public goods and services? c. How is the demand for a public good different from the demand for a private good? d. Outline the role government plays in the provision of public goods.

Expert Solution

Ans) a) private good - A private good is a good that is purchased to be consumed, and its consumption by one consumer prevents another Person from consuming it.

Public good - A public good is a good that one person can consume without reducing its availability to another person , and from which no one is excluded meaning non excludable and non rival

Common good - Common good is a good which benefits society as a whole, in contrast to the private good of individuals.

B) free rider problem is a market failure that happens when people take advantage of being able to use a Public good, without paying for it. Challenges in the private production of goods and services are overproduction and under production of goods as public goods generate positive as well as negative externality.

C) the demand for a public good is different from the demand for a private good because individuals reveal their preferences for a private good but they do not have to reveal theirpreferences for a public good

Rahul Sunny answered 2 years ago

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