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Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Public Good Price Qd Price Qd Price Qd Price $8 $8 $8 2. 1. 9. 2. 4. 4 4. 4 4. .5 4. 6. 3 5. 2. 7. 2. 1 7.

Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Public Good Price Qd Price Qd Price Qd Price $8 $8 $8 2. 1. 9. 2. 4. 4 4. 4 4. .5 4. 6. 3 5. 2. 7. 2. 1 7.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter8: Market Failure
Section: Chapter Questions
Problem 2P: Draw a standard supply and demand diagram for televisions, and indicate the equilibrium price and...
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Problem 05-02 (algo) a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Publlc Good Book Price Qd Price Qd Price Qd Price Qd $8 $8 $8 2 2 Print 6. 6. 2 3 5. 2 3 4 rences 4. 4 .5 3. 4. 3 6 2 2 2. 6 7. 1 6 8 b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Bupply of Public Good Price $21 $18 10 $15 $12 4. $9 $6 $3 61 Optimal quantity=
Transcribed Image Text:Problem 05-02 (algo) a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Publlc Good Book Price Qd Price Qd Price Qd Price Qd $8 $8 $8 2 2 Print 6. 6. 2 3 5. 2 3 4 rences 4. 4 .5 3. 4. 3 6 2 2 2. 6 7. 1 6 8 b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Bupply of Public Good Price $21 $18 10 $15 $12 4. $9 $6 $3 61 Optimal quantity=
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