On the basis of the three Individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good Instructions: Enter your answers as whole numbers (in the gray-shaded cells). Individual #1 Individual #2 Individual #3 (a) Private Demand (b) Public Demand Od Qd Price Qd Price Qd Price Price Qd Price $8 $8 $8 $8 1 1 7 2 7 2 7 2 7 2 6 3 6 3 6 3 6 3 4 4 4 4 5 5 5 4 5 5 4 5 4 5 4 3 6 6 6 3 6 2 7 2 7 2 7 2 7 1 8 1 8 1 8 1 8
On the basis of the three Individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good Instructions: Enter your answers as whole numbers (in the gray-shaded cells). Individual #1 Individual #2 Individual #3 (a) Private Demand (b) Public Demand Od Qd Price Qd Price Qd Price Price Qd Price $8 $8 $8 $8 1 1 7 2 7 2 7 2 7 2 6 3 6 3 6 3 6 3 4 4 4 4 5 5 5 4 5 5 4 5 4 5 4 3 6 6 6 3 6 2 7 2 7 2 7 2 7 1 8 1 8 1 8 1 8
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:On the basis of the three Individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the market demand
schedule on the assumption that the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good
Instructions: Enter your answers as whole numbers (in the gray-shaded cells).
Individual #1
Individual #2
Individual #3
(a) Private Demand
(b) Public Demand
Od
Qd
Price
Qd
Price
Qd
Price
Price
Qd
Price
$8
$8
$8
$8
1
1
7
2
7
2
7
2
7
2
6
3
6
3
6
3
6
3
4
4
4
4
5
5
5
4
5
5
4
5
4
5
4
3
6
6
6
3
6
2
7
2
7
2
7
2
7
1
8
1
8
1
8
1
8
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