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Explain the differentiating characteristics of public and private goods
List any five private goods(bread, cinemas, satellite television, golf courses, patents) and any five public goods (fresh air, clean water, knowledge, lighthouses, radio broadcasts)
Then, do the following: 1. Analyze the characteristics of each of these goods. Focus on the characteristics that define each good as "public" or "private."
2. Based on the characteristics of each good, argue whether the price elasticity of each of these goods would be relatively more elastic or less elastic. Give the basis of your reasoning.
Submit assignment in a Word document, 2-3 pages (500-750 words) in length.
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