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(Solved): On the basis of the three individual demand schedules in the following table, and assuming these ar ...
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.
Expert Answer
a) For determining the collective demand schedule for the above three consumers, we need to add up the prices each consumer is willing to pay for a pa