Can you answer with explanation and show formula.    The accompanying table relating to a public good provides information on the prices Young and Zorn are willing to pay for  various quantities of that public good. These two people are the  only members of society. Determine the price that society is  willing to pay for the public good at each quantity of output. If  the government’s marginal cost of providing this public good is  constant at $7, how many units of the public good should  government provide?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Can you answer with explanation and show formula. 

 

The accompanying table relating to a public good provides information on the prices Young and Zorn are willing to pay for  various quantities of that public good. These two people are the  only members of society. Determine the price that society is  willing to pay for the public good at each quantity of output. If  the government’s marginal cost of providing this public good is  constant at $7, how many units of the public good should  government provide?

 

 

Young
Zorn
Society
P
$8
$8
1
24
1
7
7
2
3
1
4
4
4
4
3
3
4
2
7
7
1
8
8
Transcribed Image Text:Young Zorn Society P $8 $8 1 24 1 7 7 2 3 1 4 4 4 4 3 3 4 2 7 7 1 8 8
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