Answer Happy

Answer the following: 1. Share a specific personal experience/transaction depicting a positive externality. You may be part as an actor or as a by-stander from said action/transaction. Identify other possible by-standers who benefited from this externality. Describe the impact of your experience/observation to the by-standers. 2. Give an example of a negative externality that apparently affected you or your family/neighborhood or some groups or sectors in your community or locality at present or in the past. How was this conflict resolved? If no solution was derived yet, what possible measurels could you think of that might help solve/mitigate this problem of externality? Do you think the Coase Theorem is applicable in this case? Support your answer. 3. Relate "The Tragedy of the Commons" to the workings of capitalism and communism in managing resources. What would be the implication/s if the common resource is a public good? 4. Why is the cow not extinct? Please make your answer brief but concise. 5. What is a 'free-rider' in economics? In what instance this could be a problem? Please answer in 1 paragraph.