What role do property rights play in creating common property resources? Why are common property resources subject to market failure due to non-excludability?

Michigan SUGAR BEET processing center creates waste ponds that smell terrible interfering with the quality of life of nearby residents. Below are the dollar valued benefits and costs of producing a ton of sugar. Quantity in Tons Private Benefit Private Cost External Cost 1 $140 $100 $20 2 $130 $110 $20 3 $120 $120 $20 4 $110 $130 $20 5 $100 $140 $20 6 $90 $150 $20 7 $80 $160 $20 Describe the quantity of tons of Sugar that would be produced in a pure Describe the society optimal quantity tons of sugar that should be Describe two ways that the business can be incentivized to internalize the socialcosts of sugar

What is an "open access resource"? Why do open access resources often exhibit what is known as the problem of the "tragedy of the commons"? What properties of efficient property rights are violated by an "open access resource"?

How are public goods different from private goods?