en by the function TC = 7.5Q, what is the optimal quantity if the product is a private product?

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter5: Supply, Demand, And Price: Applications
Section: Chapter Questions
Problem 7QP
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18. Microeconomics

Imagine that we have found out the demand for a product for three individuals. Each individual's demand can be described by the demand functions:
Q ^ A = 10 –2P
Q ^ B = 10 –2P
Q ^ C = 10 –2P
a) What is the total demand function if the product above is a private product?

b) What is the total demand function if the product above is a collective product?

c) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a private product?

d) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a collective product?

e) Briefly state what characterizes a collective commodity with a maximum of one sentence

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