nstruction: Please turn in your homework in CMS online by the due date.
1. Which of the following do you consider pure public goods? Private goods? Why? Give
reasons for your answer.
a. An internet site providing information on airplane schedules
b. Municipal water supply
c. Medical school education
d. Fish in the ocean
2. Describe in your own words the following two problems from the paper, The problem of
Social Cost, by the Nobel Prize winning author Ronald Coase. The paper was published in
Journal of Law and Economics Vol. 3 (October 1960): 1 44 and is available from the CMS.
a. Farmer and his neighboring cattle-raiser.
b. A Confectioner and a doctor.