Question

The merry-go-round in Ross Park, a public park in Binghamton, New York, was first installed in 1920 and has been periodically refurbished by the city in the years since. There is no entry fee to visit the park or to ride the merry- go-round. Is the merry-go-round a public good? Briefly explain.

Short answer

Yes, the merry-go-round in Ross Park, Binghamton, New York can be considered a public good as it fits the definition - it is non-excludable (it has no entry or usage fee, so it's accessible to all) and it's non-rivalrous (one person's use doesn't prevent others from using it).

Step-by-step solution

Defining the Key Terms

Understanding the key term here which is a public good. A public good is a commodity or service that is provided without profit to all members of society. These goods are non-excludable (everyone has access) and non-rivalrous (consumption by one individual does not subtract from the consumption of others).

Evaluating the Merry-Go-Round based on the Definition of a Public Good

Analyzing the given conditions in the exercise, the merry-go-round in Ross park was installed in 1920 and gets periodically maintained, with no entry or usage fee. This implies everyone has access to use it which makes it non-excludable.

Consideration of the Non-Rivalrous Nature

The merry-go-round is non-rivalrous, meaning that one person riding the merry-go-round does not prevent another person from doing so.