Explain what the free-rider problem is in relation to the concept or definition of public good

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For your essay, you must include the answers to the following questions:
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– Firstly, you explain what the free-rider problem is in relation to the concept or definition of public goods. If necessary, you can present a specific example.
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– Secondly, you evaluate the free-rider problem at both the individual and social point of views based on economic rationality – simply put, it refers to a decision-making process that is based on making choices that results in the optimal level of benefit for the economic agent such as individual.
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– Thirdly, you suggest possible solutions, i.e., economic or social incentives to the free- rider problem. I’m sure there are various approaches to this problem but hope you to evaluate them on your own.
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• The essay should be word-processed in one page of A4 (about 300 words) without cover page, but you will be given some leeway as to the use of paper settings – font styles and sizes, line spacing, paper margins, and so on.

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