The type of access to a house and changing its treatment from a closed access resource to an open access resource.

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Answer 1

Question

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 2

Question

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 3

Question

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 4

Question

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 6

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 7

Chapter 5, Problem 1DQ

To determine

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Answer 8

Expert Solution & Answer

Explanation of Solution

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the same is converted to an open access resource then anyone can use it at any point of time in the way they want to.

This would result in the end of privacy and with time it will become congested as no one would be legally restricted from entering the apartment.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Rival and non-rival goods:

If a good or service is consumed by a person alone at a time and its consumption is prevented from the other people at that point of time, then such kind of goods are known as rival goods.

If a good or service is consumed by a person alone and its consumption is not prevented from other people at that point of time, then this kind of good is called a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 12

Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Almost all privately owned resources are closed...

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

The type of access to a house and changing its treatment from a closed access resource to an open access resource.

Explanation of Solution

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