a. Use the data below to derive the demand schedule for a public good. Instructions: Enter your answers as whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 $8 1 $8 0 1 7 7 2 0 2 7 6 6 1 3 5 1 5 2 4 5 4 2 4 4 3 5 3 3 3 6 3 4 6 4 2 2 7 2 5 7 1 1 8 8 5 1 b. Using the following supply schedule, determine the optimal quantity of this public good. Quantity Supplied Price $19 10 16 8 13 6 4 10 7 2 4 1 co LC LC cC LO LC
a. Use the data below to derive the demand schedule for a public good. Instructions: Enter your answers as whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 $8 1 $8 0 1 7 7 2 0 2 7 6 6 1 3 5 1 5 2 4 5 4 2 4 4 3 5 3 3 3 6 3 4 6 4 2 2 7 2 5 7 1 1 8 8 5 1 b. Using the following supply schedule, determine the optimal quantity of this public good. Quantity Supplied Price $19 10 16 8 13 6 4 10 7 2 4 1 co LC LC cC LO LC
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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