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2. Read the New Zealand Herald article Russian oligarch's 60,000L a day consent to water Helena Bay lawn (available from the ECON110 Readings list on

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2. Read the New Zealand Herald article "Russian oligarch's 60,000L a day consent to water Helena Bay lawn" (available from the ECON110 Readings list on the University library website). The article asserts "In New Zealand, common law dictates that naturally-flowing freshwater is treated as a public good...". In economic terms, is that assertion correct? Explain your answer. [5 marks]

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