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What is a public good

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1.What is a public good? Why does that mean we need to have a government?

2. What is a positive externality? Without using a graph, explain why it means that the market will not produce the optimal quantity.

3. Explain why it may be more profitable to own a franchise even though it will cost you money to get the franchise.

4. What is the equation for utility maximization? Prove that it makes sense.

Reference no: EM132243977

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