Difference between public good and private good.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What are two examples of where historical cost is used within the financial statements. State both the account name and the amount for each account selected. What was the amount of revenue that Airbnb reported for 2024? Did the revenue grow over the prior year of 2023? What was the dollar and the percentage increase or decrease?

What was the amount of revenue that Airbnb reported for 2024? Did the revenue grow over the prior year of 2023? What was the dollar and the percentage increase or decrease? What was the amount of net income or net loss that Airbnb reported for the year of 2024? Did the net income increase or decrease versus the prior year of 2023? What was the dollar and the percentage increase or decrease?

Who are the Airbnb's independent auditors and what is the role of these auditors? What opinion do the Airbnb independent auditors express regarding the financial statements and what does this opinion mean to an investor?

Answer 2

Question

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Answer 6

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Answer 7

Chapter 17, Problem aWYWL

To determine

Difference between public good and private good.

Answer 8

Expert Solution & Answer

Explanation of Solution

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable.

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Difference between Public Good and Private Good

Public Good	Private Good
Public good is non Rival	Private Good is Rival
Public Good is non excludable	Private Good is excludable
Free rider problem exist	Free rider problem does not exist

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Public Good:

The good that can be used by everyone simultaneously without reducing the supply for the others. Everybody can use it even if they do not pay for it. So a pure public good is Non rival and non excludable. Ex- defense, clean air

Private Good:

The good that cannot be used by everyone simultaneously without reducing the supply for the others. Only the people who pay for it can use it. Others cannot. So a pure public good is rival and excludable.

Answer 12

Ch. 17 - Prob. aWYWL Ch. 17 - Prob. bWYWL Ch. 17 - Prob. cWYWL Ch. 17 - Prob. dWYWL Ch. 17 - Prob. eWYWL Ch. 17 - Prob. 1QFT Ch. 17 - Prob. 2QFT Ch. 17 - Prob. 3QFT Ch. 17 - Prob. 1P Ch. 17 - Prob. 2P

Difference between public good and private good.

Difference between public good and private good.

Explanation of Solution

Want to see more full solutions like this?

Chapter 17 Solutions