On the basis of the three individual demand schedules in the following table, and assuming these are the only three people 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 a whole number. Individual 1 Individual 2 Individual 3 (a) Private Demand (b) Public Demand Price Qd Price Qd Price Qd Price Qd Price Qd $16 0 $16 1 $16 0 $16 1 14 0 14 2 s 14 0 14 2 12 0 12 10 1 10 8 2 8 6 3 6 4 4 4 2 5 2 345678 12 1 12 3 10 2 10 4 8+ 3 8 5 6 4 6 6 4 5 4 7 2 6 2 8

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
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On the basis of the three individual demand schedules in the following table, and assuming these are the only three people 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 a whole number.
Individual 1
Individual 2
Individual 3
(a) Private Demand
(b) Public Demand
Price
Qd
Price
Qd
Price
Qd
Price
Qd
Price
Qd
$16
0
$16
1
$16
0
$16
1
14
0
14
2
s
14
0
14
2
12
0
12
10
1
10
8
2
8
6
3
6
4
4
4
2
5
2
345678
12
1
12
3
10
2
10
4
8+
3
8
5
6
4
6
6
4
5
4
7
2
6
2
8
Transcribed Image Text:On the basis of the three individual demand schedules in the following table, and assuming these are the only three people 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 a whole number. Individual 1 Individual 2 Individual 3 (a) Private Demand (b) Public Demand Price Qd Price Qd Price Qd Price Qd Price Qd $16 0 $16 1 $16 0 $16 1 14 0 14 2 s 14 0 14 2 12 0 12 10 1 10 8 2 8 6 3 6 4 4 4 2 5 2 345678 12 1 12 3 10 2 10 4 8+ 3 8 5 6 4 6 6 4 5 4 7 2 6 2 8
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