Worksheet 7 Property Rights / Coase Theorem ECON 102: Principles of Microeconomics DUE: Wednesday, Apr. 1\" Submit answers on Canvas by 11:59pm EDT Student Name: PART I: 0 You live on the outskirts of a small town, and are considering investing in one of three different apple orchards, as a way to supplement your income and help pay for your college tuition. You are presented with the following four scenarios, and must discern the type of good involved in each, as well as the incentives associated with the use of each orchard. o Orchard A: You would be the sole owner of Orchard A. There is a fence around the orchard which restricts access, and you could pick the apples to keep for yourself or to sell to others. The apples would be of very high quality, since you would would wait to pick the apples at their ideal ripeness, and may be willing to invest in fertilizing and trimming the apple trees to promote healthier growth. 1. What type of Orchard is Orchard A? (a) Public Good (b) Private Good (c) Club Good (01) Commonresource Good