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(Solved): a. On the basis of the three individual demand schedules below, and assuming these three people are ...
a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as a whole number. b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Optimal quantity =
Expert Answer
We simply sum up the amounts demanded at each price point by all participants of the society to find the collective demand schedule for public good. Based on the above individual demand schedules, the collective demand schedule for the public good is as follows: