5. Common resources versus private goods Spring is here, and Alyssa and her uncl
ID: 1110584 • Letter: 5
Question
5. Common resources versus private goods Spring is here, and Alyssa and her uncle would like to go fishing for the weekend in Washington. Alyssa could either go to the river in town where anyone can fish without a permit, or she could drive up to a stream located on her family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). PRIVATE PROPERTY The fish in the private stream are considered and whereas the fish in the river are and rds, the fish in the private stream are an example of and the fish in nonrival in consumption Fishing in the river will likely lead to because of which of the following reasons? All fishermen will choose to fish in the nver because of the limited access to the stream. ONobody will enjoy fishing because of the lack of private contributions to the maintenance of the river O Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success. O All fishermen will choose to fish an the stream believing that there are more fish there.Explanation / Answer
Rival in consumption because number of fish are limited and ones ability to catch decreases the probability of. other person catching the fish .
Excludable because being private property one can deny access to other by charging. fees.
Rival because my fish are limited and if I catch the fish I will reduce the consumption for other persons .
Non excludable because being public property every one have access to it.
Private good because stream is one's personal property.
Common resources because goods are rival but are not excludable .
Tragedy of common because people keep fishing until marginal benefits becomes zero.
All fisherman will fish in river because of limited access to stream.
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