(a)
To indicate:
Whether the given goods arenonrival and/or nonexclusiveand also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Hot dogs are considered asrival and exclusive goods. Due to its nature of rival and exclusivity, they are considered as private goods.
Explanation of Solution
Since, hot dog can be eaten by only one person at a time, and it is required to be purchased before consuming.Therefore, itcomesunder the category of private goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. Thesegoods are used by one person at a time and does not reduce the availability of the same goods fr other. It can be consumed simultaneously by more than one person.
Private goods:
The private goodsare rival and exclusivegoods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(b)
To indicate:
Whether the given good is nonrival and/or nonexclusive and also to indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Cable TV is considered as non-rival but notnon-exclusive goods. Hence, it will be considered as private goods.
Explanation of Solution
Since the cable TV can be watched by only who pays for it, it becomes exclusive.Though it can be used by one or more person without affecting the view of others. Therefore, it comes under the category of private goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(c)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Broadcast TV is considered as non-rival and non-exclusivegoods. It is considered as public goods.
Explanation of Solution
Since, the broadcast TV is available to anyone who has a television set, and the consumers do not have to pay for it, it is considered as non-exclusive goods.Also, watching by one individual will not affect the consumption of others, hence it is non-rival. Therefore, it comes underthe category of public goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(d)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Automobilesare considered as rival and exclusivegoods.It is considered as private goods.
Explanation of Solution
A person who owes the automobile by paying amount for the product, can only drive it. The ownership lies with the person who has paid for it.Also, it can be used by a single person at the same time. Therefore, automobile is rival and exclusive in nature and hence it comes under the category of private goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(e)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
National defence is considered as non-rival and non-exclusivegoods. It is considered as public goods.
Explanation of Solution
Since the benefits of the national defence are taken by everyone as it is for the benefit of the country. People do not need to pay any amount for having the facility. All the citizens of the country are entitled to enjoy the benefits of the national defence. Therefore, it becomesnon-rival, non-exclusive goods. As it is non-rival and non-exclusive it comes underthe category of public goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(f)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Pollution control is considered as non-rival and non-exclusive goods.It is considered as public goods.
Explanation of Solution
Since, the control of pollution is made by the government authority or by any third party. The reduction in level of pollution is for the environment overall and for everybody. Even if the other individuals participate or not into it, they are benefitted from it.Thus,it becomes non-rival, non-exclusive.As it is non-rival and non-exclusive it comes underthe category of public goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(g)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Parking in a parking structure is not considered as non-rival and non-exclusivegoods.It is considered as private goods.
Explanation of Solution
Since to park an automobile in the parking structure is not for free, and one mustpay to park their automobile; thus, it isexclusive goods.Also, once the parking spot is taken by one car, no other car can be parked at the same time, hence it becomes rival goods.
As parking in a parking structure is rival and exclusive; it falls in the category of private goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(h)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
A sunset is considered as non-rival and non-exclusivegoods.It is considered as public goods.
Explanation of Solution
Since the beauty of the sunset can be enjoyed by everyone without paying anything in return.Also, watching the sunset by one will not affect the others; therefore, it is non-rival and non-exclusive. Hence, it falls in the category of public goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
(i)
To indicate:
Whether the given goodsis nonrival and/or nonexclusive, also indicate whether it is a private, public, common or clubgoods.
Answer to Problem 3P
Admission to the theme park is considered as non-rival and non-exclusive goods.It is considered as private goods.
Explanation of Solution
Since, admission in the theme park would be possible only by buying tickets, hence it is exclusive.With one ticket, only one person will be allowed to enter the park, which makes it rival goods. Therefore, it comes under the category of private goods.
Public goods:
Public goods are considered as nonrival and nonexclusive goods. It can be used by anyone without paying anything in return. These goods are used by one person at a time and does not reduce the availability of the same goods for other. It can be consumed simultaneously by more than one person.
Private goods:
The private goods are rival and exclusive goods. The person who pays for those goods can use them. No two persons can simultaneously use it.
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