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|WikiProject Economics||(Rated Start-class, Mid-importance)|
"Depletable" vs. "Rivalrous"
Is "depletable" and "rivalrous" interchangeble? At least according to the Week 5 lecture they essencially means the same. Am I right? Anyone care to explain? wangsh45 (talk) 23:54, 26 October 2011 (UTC)
I would say that they are different, but related terms. An item that is depletable will becomes rivalrous. If someone takes the last good so the next person can't, then there is competition to be the person/group/company that buys it first.SADeGroot (talk) 14:58, 27 October 2011 (UTC)
I understand many writers have interchanged the term "depletable" and "rivalrous", but the focus of each term is different. The term "Rival Goods" emphasizes that an additional consumer consuming an item will impose a marginal cost of that item. However, depletable resource means that there will be one or more units subtracted from the market when a consumer consumed it. Compass_Chung(talk) 16:02, 27 October 2011 (UTC)
Summaries of Edits
I added a little paragraph about free rider problem. Free rider is often associated with issues in public goods. Since it's already stated private good is the opposite of public goods, I think it helps to explain further the differences between private and public good by adding why free rider problems are unlikely to happen to private goods. wangsh45 (talk) 17:30, 27 October 2011 :(UTC)
I added a little change already by loosely defining what a "good" is and I hope it's ok if I add another key point to the definition. Private goods should also be depletable. SADeGroot (talk) 16:25, 18 October 2011 (UTC)
The chart should be referenced...Anyone know where it's from?SADeGroot (talk) 17:37, 21 October 2011 (UTC) I am also going to eliminate the last sentence as it is redundant and is grammatically incorrect.SADeGroot (talk) 18:25, 21 October 2011 (UTC)
I will add the idea of horizontal summation under the comparison of private and public good and provide an example to illustrate this idea by creating a new "Example" section Compass_Chung —Preceding undated comment added 21:14, 23 October 2011 (UTC).
Wants to add "• Economists assume that consumers try to maximize their satisfaction by buying maximum amount of goods with their limited budget. Hence, the law of diminishing marginal utility and the optimal purchase rule apply." under the Pricing Section. Compass_Chung(talk) 16:08, 27 October 2011 (UTC)
Comments on these edits
Overrall your edits were good and added relevant material to the article, there's still a long way to go though. I've made some changes to format your additions according to Wikipedia's house style which you'll learn as you go along. I'm suprised how poorly covered this topic is, and having studied Economics, I'd be happy to work with you on it. If you focus on adding substantive material I can copyedit and do clean-up tasks as you go, the changes I make after will help you learn about formatting on Wikipedia. Apologies for my delay in responding to your request. Best, --Ktlynch (talk) 13:04, 29 October 2011 (UTC)