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| 0 YouTube (-0 Ball State University US blackboard bs.edubbcs ebdav pid 6315818-t-content-rid 401 523051/courses/201 7FAL ECON201 S08 CLAS 14902 ME To see favorites here, select * then , and drag to the Favorites Bar folder. Or import from another browser. Import favorites E NBA Basketball scores . Econ201-Fall2017-f × e chegg study l Guided s l e Chegg study l Guided s l New tab Refer to the scenario below and answer questions a through d (1 point each) Consider the following goods: i. a fish teriyaki served at a restaurant ii. fish in the ocean ii. Platinum Arowana (an exotic fish) in a huge acquarium in a privately-owned building a. Which of these goods is the best example of a private good? Briefly explain. b. Which of these goods is the best example of a club good? Briefly explain. c. Which of these goods is the best example of a common resource? Briefly explain. d. Do any of these goods: i. cause an extenality? (please circle one) Yes /No ii. If so, which good(s)? Type here to search 11) ENG 11/4/2017 ^Explanation / Answer
a)
Private goods are those which are rival an dexcludable. From the above given list: (i) and (ii) are the private goods. These goods once served to an individual are no longer available to others.
b)
Club goods are those which are not rival and not excludable. They are available for everyone in the same amount. From the above list (ii) is a club good.
c)
Common resource is item (ii) on the list. Fish in the ocean is a common resource because no one hs a right of ownership on it.
d)
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