Question

In: Economics

Watch the video on Icelandic fishing and answer the following questions: Explain the public good identified...

Watch the video on Icelandic fishing and answer the following questions:

  1. Explain the public good identified in the video (what is a fishery)? Explain the TWO characteristics of this good that make it "public".
  2. Why are public goods not produced by the private market? Explain carefully.
  3. Explain the externality that results from over-fishing? Who is impacted? How are they impacted from over-fishing?
  4. How did they solve this problem? Use the information from the video to answer this question.
  5. Why is this considered better than taxing/subsidizing (which is the solution discussed in your text)?

Solutions

Expert Solution

each page is numbered, every part of the question is answered with different signs (+,-,*). hope i have clarifed every part. thank you.


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