5. Alfie, Bill, and Coco each value police protection differently. Alfie's demand for the public good is Q=55-5P, Bill's demand is Q=80-4P, and Coco's demand is Q=100 -10P. The marginal cost of providing police protection is $13.5. a. What is the socially optimal level of police provision? b. If each voter pays one-third of the total bill for police protection, how much will each voter wish the community to buy? c. If the median voter wins, how much will the community buy?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.