a. Use the data below to derive the demand schedule for a public good. Instructions: Enter your answers as whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 $8 1 $8 0 1 7 7 2 0 2 7 6 6 1 3 5 1 5 2 4 5 4 2 4 4 3 5 3 3 3 6 3 4 6 4 2 2 7 2 5 7 1 1 8 8 5 1 b. Using the following supply schedule, determine the optimal quantity of this public good. Quantity Supplied Price $19 10 16 8 13 6 4 10 7 2 4 1 co LC LC cC LO LC
a. Use the data below to derive the demand schedule for a public good. Instructions: Enter your answers as whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 $8 1 $8 0 1 7 7 2 0 2 7 6 6 1 3 5 1 5 2 4 5 4 2 4 4 3 5 3 3 3 6 3 4 6 4 2 2 7 2 5 7 1 1 8 8 5 1 b. Using the following supply schedule, determine the optimal quantity of this public good. Quantity Supplied Price $19 10 16 8 13 6 4 10 7 2 4 1 co LC LC cC LO LC
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: Public Goods And Common Resources
Section: Chapter Questions
Problem 3CQQ
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Question
Transcribed Image Text:a. Use the data below to derive the demand schedule for a public good.
Instructions: Enter your answers as whole numbers.
Demand
Individual #1
Individual #2
Individual #3
Public Good
Price
Qd
Price
Qd
Price
Qd
Price
Qd
$8
$8
1
$8
0
1
7
7
2
0
2
7
6
6
1
3
5
1
5
2
4
5
4
2
4
4
3
5
3
3
3
6
3
4
6
4
2
2
7
2
5
7
1
1
8
8
5
1
b. Using the following supply schedule, determine the optimal quantity of this public good.
Quantity
Supplied
Price
$19
10
16
8
13
6
4
10
7
2
4
1
co
LC
LC
cC
LO
LC
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