2. What kind of good is it? Determine whether each of the following goods is a...

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2. What kind of good is it? Determine whether each of the following goods is a...

2. What kind of good is it?

Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.

	Private Good	Public Good	Common Resource	Club Good
A new Ferrari that you use to drive your friends around town
A cabana along a beach that is open to the public
A large, beautiful statue in a park

business economics

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Answer 1

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Answer #1

1.

Private good. Because, Ferrari is privately owned that is excludable as well as rivalrous in nature.

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2.

Common resource good. Cabana is non excludable, as it is open to public. But, it is rivalrous in nature, as use of cabana by one person reduces the ability of others to use it.

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3.

Public good. it is available to everyone so non excludable. Further, viewing of statue, by one person does not obstruct others from viewing it. So, it is non-rivalrous in nature as well.

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Answer 2

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