Calculate the quantity of a public good that would be provided in the private market if the marginal cost of the public good is $50. Demand Person 1: Q = 150 - 2P Demand Person 2: Q = 200 - 3P Demand Person 3: Q = 100 - P Private Market Quantity = 50 (enter your responses rounded to a whole number) Socially optimal quantity will be Equal to than the private market quantity. (write "less than", "equal to", "greater than", or "cannot be determined")

Calculate the quantity of a public good that would be provided in the private market if the marginal cost of the public good is $50. Demand Person 1: Q = 150 - 2P Demand Person 2: Q = 200 - 3P Demand Person 3: Q = 100 - P Private Market Quantity = 50 (enter your responses rounded to a whole number) Socially optimal quantity will be Equal to than the private market quantity. (write "less than", "equal to", "greater than", or "cannot be determined")

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 2PA

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