Enrolment Add KETC-17-1 ae Cai Stane Apply! My 1.ntrenon Bad Dees 1. Common reso
ID: 1118654 • Letter: E
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Enrolment Add KETC-17-1 ae Cai Stane Apply! My 1.ntrenon Bad Dees 1. Common resources versus private goods Spring is here, and Sharon and her brother would like to go fishing for the weekend in Vermont. Sharon could either go to the river in town where anyone can fish without a permit or she could drive up to pond located on her family's property in the countryside to fish. Assume that, no matter where peaple fish, all of the fish that are caught would be kept (that is, there is no "catch and release policy) PRIVATE PROPERTY and whereas the fish in the privat" pond The fish in the river are considered In other words, the fish in the river are an example of and and the fish in the private pond are an example ofY because of which of the following reasons? Fishing in the river will likely lead to O All fishermen will choose to fish in the river because of the limited access to the pond can fish in the river, and one person's fishing activity decreases the ability of someone eise to fish with success O All fishermen will choose to fish in the pond beleving that there are more fish thereExplanation / Answer
a. Rival in consumption.
This is because consumption of fish from the pond prevents the consumption of fish by someone else.
b. Non excludable.
Since no permit is required for fishing, so one cannot exclude others from fishing.
c. Rival in consumption
Consumption of one person prevents the consumption by others.
d. Excludable.
Since permits are required to enter a private property, so people can be excluded.
e. Common resources.
There is rival in consumption and is non excludable, making it a common resource.
f. Private good.
This is becuase there is rival in consumption and excludable, making it a private good.
g. Tragedy of commons
In a shared reosurce, an individual tries to maximise its own benefit without thinking about the others.
h. Option B
Option B best describes the tragedy of commons. there is rival in consumption but also non excludability.
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