Only Q17

17. Fishing Imagine a small village. One of the main source of income in the city is fishing in a nearby lake. Currently, anyone has the exclusive right of using the lake. (a) What type of good is the fish in the lake? (b) Is there a potential tragedy of the commons problem in this scenario? (c) What will be a potential solution for this problem? 18. Public Provision Consider two groups of individuals in a community. Those that work during the day (500 individuals) and those that work during the night (20 individuals). Each group has a demand for street lamps. Consider that the inverse demand for a representative individual of each group is given by: p = 10 - q (Day Workers) 50 - I 1 (Night Workers)