Eco 1 HW 2 9Sept09

Eco 1 HW 2 9Sept09 - Homework 2 for ECO1 Fall 09 This...

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Homework 2 for ECO1 Fall 09 This homework is due no later than NOON on Wednesday, September 16 th . You may submit your homework either electronically by attaching it to an email to your TA (Microsoft Word only) or you may print out a copy and drop it off in the box marked ECO 1 HOMEWORK in Room 211 in the Rauch Business Center. Remember: This homework will not be graded on accuracy! If you make an effort to answer each question and yet get every answer wrong then you will receive full credit. 1. Define rivalry and excludability and use the terms to discuss the four categories of goods: (1) Public goods, (2) Natural monopolies (Quasi-public goods), (3) Common resources, (4) Private goods. 2. What is a public good? What is free riding? How is free riding related to the tendency of a public good to create market failure? Use two examples to explain your answer. 3. Put each of these goods or services into one of the boxes of this figure : That is, categorize them as private goods, public goods, quasi-public goods, or common resources. a.
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Eco 1 HW 2 9Sept09 - Homework 2 for ECO1 Fall 09 This...

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