a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Public Good Price Qd Price Qd Price Qd Price Qd $16 1 $16 0 $16 1 $ 22 1 14 2 14 0 14 2 $ 19 2 12 3 12 0 12 3 $ 16 3 10 4 10 1 10 4 $ 13 4 8 5 8 2 8 5 $ 10 5 6 6 6 3 6 6 $ 7 6 4 7 4 4 4 7 $ 4 7 2 8 2 5 2 8 $ 2 8 . Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Supply of Public Good Price Qs $42 10 $36 8 $30 6 $24 4 $18 2 $12 1 $8 0 $4 0 Optimal quantity=
a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as a whole number. Individual 1 Individual 2 Individual 3 Demand for Public Good Price Qd Price Qd Price Qd Price Qd $16 1 $16 0 $16 1 $ 22 1 14 2 14 0 14 2 $ 19 2 12 3 12 0 12 3 $ 16 3 10 4 10 1 10 4 $ 13 4 8 5 8 2 8 5 $ 10 5 6 6 6 3 6 6 $ 7 6 4 7 4 4 4 7 $ 4 7 2 8 2 5 2 8 $ 2 8 . Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Supply of Public Good Price Qs $42 10 $36 8 $30 6 $24 4 $18 2 $12 1 $8 0 $4 0 Optimal quantity=
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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please give me correct answer with calculation and explanation and dont use chatGPT
Transcribed Image Text:a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society,
determine the collective demand schedule on the assumption that the good is a public good.
Instructions: Enter your answers as a whole number.
Individual 1
Individual 2
Individual 3
Demand for Public Good
Price
Qd
Price
Qd
Price
Qd
Price
Qd
$16
1
$16
0
$16
1
$
22
1
14
2
14
0
14
2
$
19
2
12
3
12
0
12
3
$
16
3
10
4
10
1
10
4
$
13
4
8
5
8
2
8
5
$
10
5
6
6
6
3
6
6
$
7
6
4
7
4
4
4
7
$
4
7
2
8
2
5
2
8
$
2
8
. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good.
Supply of Public Good
Price
Qs
$42
10
$36
8
$30
6
$24
4
$18
2
$12
1
$8
0
$4
0
Optimal quantity=
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