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Public Goods and Common Resources - PowerPoint PPT Presentation


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20. Public Goods and Common Resources. Rival in consumption. Nonrival in consumption. Private goods. Artificially scarce goods. Excludable. Common resources. Public goods. Non-excludable. Nonexcludable Goods.

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Presentation Transcript
slide1

20

Public Goods and

Common Resources

Rival in consumption

Nonrival in consumption

Private

goods

Artificially

scarce

goods

Excludable

Common

resources

Public

goods

Non-excludable

slide2

Nonexcludable Goods

Supplier cannot prevent consumption by people who don’t pay for it.

  • airport security
  • fireworks shows

Tickets $10

The market tends to

underproduce

nonexcludable goods.

slide3

Free-Rider Problem

What a dump!

I hope someone picks up this stuff.

slide4

40

35

30

25

20

15

Price ($)

10

5

200

400

600

800

1000

Output

Nonrival in Consumption

More than one person can consume the same unit of the good at the same time.

Demand

  • perfect competition would drive the price to zero

MC