Describe the Difference Between Each of the Following Three Pairs

question 181

Essay

Describe the difference between each of the following three pairs of goods or services according to whether they are excludable or nonexcludable and rival or nonrival.
a.
a city police department and a commercial security system
b.
movies on HBO and movies on PBS (Public Broadcasting Service)
c.
fish in the ocean and fish in a fish farm

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Definitions:

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean.

Gym Visits

A count of the number of times an individual attends a gym or fitness center within a specified period.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the values are from the mean.

Poisson Random Variable

Represents the number of events occurring within a fixed interval of time or space, assuming these events happen at a constant rate and independently of the time since the last event.