, ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester
1 2025 - DUE 2025; 100% TRUSTED Complete, trusted
solutions and explanations..WE WISH YOU A GOOD
LUCK
2 ANSWERS PROVIDED
Analyse the difference between public and private goods in table
format. Explain why certain goods such as higher education are
regarded as mixed goods or quasi-public goods.
Table: Difference Between Public and Private Goods
Characteristic Public Goods Private Goods
Goods that are non- Goods that are both
excludable and non- excludable and
rivalrous. They are rivalrous. Consumption
Definition
available to all and by one person reduces
cannot be restricted the availability for
from anyone. others.
Food, clothing, personal
National defense,
Examples electronics, private
public parks, clean air
property
Non-excludable: No Excludable: Access can
Excludability one can be excluded be restricted, often
from using the good. through pricing.
Non-rivalrous: One Rivalrous: One person's
Rivalry
person's use does not consumption reduces
1 2025 - DUE 2025; 100% TRUSTED Complete, trusted
solutions and explanations..WE WISH YOU A GOOD
LUCK
2 ANSWERS PROVIDED
Analyse the difference between public and private goods in table
format. Explain why certain goods such as higher education are
regarded as mixed goods or quasi-public goods.
Table: Difference Between Public and Private Goods
Characteristic Public Goods Private Goods
Goods that are non- Goods that are both
excludable and non- excludable and
rivalrous. They are rivalrous. Consumption
Definition
available to all and by one person reduces
cannot be restricted the availability for
from anyone. others.
Food, clothing, personal
National defense,
Examples electronics, private
public parks, clean air
property
Non-excludable: No Excludable: Access can
Excludability one can be excluded be restricted, often
from using the good. through pricing.
Non-rivalrous: One Rivalrous: One person's
Rivalry
person's use does not consumption reduces
