Question 3: Let’s think about the road on Laurel Avenue between Howell and Dewey Streets. There...

Question 3: Let’s think about the road on Laurel Avenue between Howell and Dewey Streets. There are no parking restrictions on this particular section of Laurel Avenue.

(a) Is the good “street parking” on this particular block an excludable or non-excludable good? Briefly explain.

(b) Is the good “street parking” on this particular block a rival or non-rival good? Briefly explain.

(c) Using your answers above, what “type of good” is “street parking” on this particular block? (Private good, public good, common resource, natural monopoly?) Briefly explain.

(d) Using your answer in part (c) is this good susceptible to either a “free-rider problem” or a “tragedy of the commons problem.” Briefly explain.

(e) Using your answer in part (d), do we expect this good to be over or under consumed? Briefly explain.

(f) Suppose the people who live on this block petition the city to have the street designated as permit parking only. How does this change what “type of good” street parking on this block is? Briefly explain.

Expert Solution

Rahul Sunny answered 1 year ago

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