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market demand

market demand

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3. Consider a society consisting of only two persons: 1st unit 2nd unit 3rd unit 4th unit A and B. The right table shows their marginal benefits of a good. Answer questions below assuming MBB MBA 10 7 4 1 6 4 2 0 their MBs from 5th good are zero. 3.a. Suppose that the good is a pure private good. Fill in the market demand schedule in the right. Price 11 8 5 3 Quantity demanded 3.b. Suppose that the good is a pure public good. Consider the voluntary but efficient contributions from A and B. Remember the example about it we learned on March 29. Answer how much A should pay for each good and how much B should pay for each good to achieve the efficient supply level of the public good. A: B:
Transcribed Image Text:3. Consider a society consisting of only two persons: 1st unit 2nd unit 3rd unit 4th unit A and B. The right table shows their marginal benefits of a good. Answer questions below assuming MBB MBA 10 7 4 1 6 4 2 0 their MBs from 5th good are zero. 3.a. Suppose that the good is a pure private good. Fill in the market demand schedule in the right. Price 11 8 5 3 Quantity demanded 3.b. Suppose that the good is a pure public good. Consider the voluntary but efficient contributions from A and B. Remember the example about it we learned on March 29. Answer how much A should pay for each good and how much B should pay for each good to achieve the efficient supply level of the public good. A: B:
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