(Answered) Think of any public good such as public parks or homeland

Economics

Think of any public good, such as public parks or homeland security. In the context of the public good, post a response to the following.

How do you think the principles of price elasticity of demand might be applied to the pricing of public goods? Explain your reasoning and assumptions, as well as how it might affect efficiency.

What economic principles might the provider of public goods—the government, in most cases—use to price these goods? Use examples to explain your reasoning.

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