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3. What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the
3. What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? What type of good is satellite TV? Explain and discuss 4. The income elasticities of demand for movies, dental services, and clothing have been estimated to be +3.4, +1.0, and +0.5, respectively. Interpret these coefficients. What does a negative income-elasticity coefficient mean? Explain and discuss
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