18.
Imagine that we have found out the
Q ^ A = 10 –2P
Q ^ B = 10 –2P
Q ^ C = 10 –2P
a) What is the total demand function if the product above is a private product?
b) What is the total demand function if the product above is a collective product?
c) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a private product?
d) If the total cost of the product is given by the function TC = 7.5Q, what is the optimal quantity if the product is a collective product?
e) Briefly state what characterizes a collective commodity with a maximum of one sentence
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