Each of the 10 families on a suburban block is likely to have its own power...

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Each of the 10 families on a suburban block is likely to have its own power...

Each of the 10 families on a suburban block is likely to have its own power lawn mower. Why don’t families more often share a single lawn mower? Try to enumerate the principal transaction costs that stand in the way of such a cooperative arrangement.

business economics

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Answer 1

Answer #1

Reasons for people to have their own lawnmower and not share are:

1) Convenience and less dependency on someone else

2) They fear that other people would not take care of the machine. They want the item to be treated well

3) The timings of usage might be the same.

4) They want customized machines as per their requirement.

5) Increase in affordability and desire of not to depend on anyone else

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Answer 2

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