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2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource

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Answer #1

1- A Cabana is a common resource. Common resource have characteristics of non excludable but rivalary nature. Cabana could be used by everyone but consumption of other is affected. So it is a common resource.

2- Drone which is used by all friends is a club good because it is used by all and club good have characteristics of non rivalry but excludable it means their consumption is not affected by the consumption by other but other can be excluded from consuming it. Drone used by every friend will give same utility to all. So it is club good.

3- Statue in park is public good because every one could enjoy seeing it without affecting others consumption and without excluding other. Statue is non rival and non excludable so it is public good.

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Answer #2

A Cabana is a common resource. Common resource have characteristics of non-excludable but rivalry nature. Cabana could be use

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