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Please utilize book Foundation of Microeconomics by Robin Bade and Parkin 9th edition to answer these questions. Thank you!!! Explain why public goods are neither
Please utilize book "Foundation of Microeconomics" by Robin Bade and Parkin 9th edition to answer these questions. Thank you!!!
- Explain why public goods are neither excludable nor rival? (2 points)
- Why are common resources rival but not excludable? (2 points)
- John is consuming positive amounts of books and magazines. At his current level of consumption, the marginal utility of a book is 4 utils and the marginal utility of a magazine is 3 utils. If the price of a magazine is $1 and the price of a book is $3, John can increase his utility by "Buying more magazines and fewer books". Explain how and why this statement is true? John is consuming positive amounts of books and magazines. At his current level of consumption, the marginal utility of a book is 4 utils and the marginal utility of a magazine is 3 utils. If the price of a magazine is $1 and the price of a book is $3, John can increase his utility by "Buying more magazines and fewer books". Explain how and why this statement is true? points)
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