Essay
A sequenceis 
defined recursively by the equation 
for 
where 
Use your calculator to guess the limit of the sequence.
Identify the effects of consumption characteristics (rivalry and excludability) on market efficiency.
Understand how different types of goods are managed or provided in society.
Understand the distinctions among private goods, public goods, common resources, and artificially scarce goods based on their characteristics of excludability and rivalry in consumption.
Identify examples of private goods, public goods, common resources, and artificially scarce goods.
Definitions:
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