Identify each of the following goods as either rival or nonrival and excludable or nonexcludable. Based...

Identify each of the following goods as either rival or nonrival and excludable or nonexcludable. Based on your answers, would it be best to produce them as public goods or through a private market? a. Traffic Lights b. Energy Drinks c. Police Protection d. iPhone 12 e. Local library

Expert Solution

Public good is a good which are non-rival and non-exclusive in nature. Non-rival means consumption of the public good by one person does not reduce its amount available for the other person. Non-exclusion means if public good has been provided then it does not possible to exclude one person from consuming it.

Private good is a good which is rival and excludable in nature. Rival means consumption of good by one person decreases availability of good for the other.

a) Non-rival and Non-excludable

It is provided as public good.

b) Rival and Excludable

It is provided as private good. Energy drinks is consumed by a person so reduces its availability for others.

c) Rival and Excludable

It is provided as private good. Polic protection is given to selected persons so it reduces its availability to others.

d) Rival and Excludable

It is provided as private good. iPhone 12 is a good which is purchased by a person and availability of this good is limited so it is rival and excludable.

e) Non-rival and Non-excludable

It is provided as public good.

Rahul Sunny answered 1 year ago

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