Principles of Economics

1- What is the total contribution to parts?

2- What is each person utility at the CME?

3- Can both consumers be happier if they consume less x1 and contribute more to the pork? Show that both people have a higher utility if [c1, c2 >10] and x1 <20.

4- Is the CME Poreto efficient? Why?

Key results: people under contribute to public goods. This is known as the free ride problem.

problem gets worse as the number of people increases.

Question 2:

1- How many fish does each fisherman catch at the market outcome?

2- What each fisherman utility at the market outcome =?

3- Can each fisherman achieve a higher utility if they both fish less? Show that utility for each rises if t<3 .

4- IS the CME Poreto efficient? Why?

Key results: people exploits publicly owned resources. (over fish). Known as tragedy of the commous.

problem gets worse as the number of people increases

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