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Select one example each of a private and public good, briefly explaining how each is funded...

Select one example each of a private and public good, briefly explaining how each is funded and treated by those who use it. Also, briefly explain why you believe that to be the case.

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Answer #1

Public goods are those goods that doesn;t have rivalry or excludability in the market, these goods can be used by a number of people at the same time, these goods are funded by government. because there is no excludability and rivalry these goods have free rider problem and they are used by everyone.

Private goods are those that are rival and excludable in the market, i.e. if someone is using that good then its only them who can use can use and the value of the goods will diminish for others. they are funded by private public. As these goods are private they are used by individuals only.

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