Please give me correct answer with full explanation and draw the graph otherwise i give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. A small town provides a fireworks display, which is apublic good, every fourth of July. For simplicity, assume thetown only has two residents: Hayden and Madison. Theirdemands for the fireworks display are illustrated in thefigure to the right. Construct the market demand curve forthis public good.Use the line drawing tool to draw the market demand curve(DMarket) for the fireworks display. Properly label this line.Carefully follow the instructions above, and only draw therequired objects.CPrice (dollars per firework)8.00-7.50-7.00-6.50-6.00-5.50-5.00-4.50-4.00-3.50-3.00-2.502.00-1.50-1.00-0.50-0.00+0DHaydenMadison-~2648 10 12Quantity (number of fireworks)14

Market demand is the sum of individual demand curves in the market. It signifies the total number of…

Answered: A small town provides a fireworks…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer with full explanation and draw the graph otherwise i give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

A small town provides a fireworks display, which is a
public good, every fourth of July. For simplicity, assume the
town only has two residents: Hayden and Madison. Their
demands for the fireworks display are illustrated in the
figure to the right. Construct the market demand curve for
this public good.
Use the line drawing tool to draw the market demand curve
(DMarket) for the fireworks display. Properly label this line.
Carefully follow the instructions above, and only draw the
required objects.
C
Price (dollars per firework)
8.00-
7.50-
7.00-
6.50-
6.00-
5.50-
5.00-
4.50-
4.00-
3.50-
3.00-
2.50
2.00-
1.50-
1.00-
0.50-
0.00+
0
DHayden
Madison
-~
2
6
4
8 10 12
Quantity (number of fireworks)
14

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