ECON 1 Lecture 5: Note for Econ
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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.
Individual 1 |
Individual 2 |
Individual 3 |
Private demand |
Public Demand |
|||||
Price |
Qty |
Price |
Qty |
Price |
Qty |
Price |
Qty |
Price society is willing to pay |
Qty |
$8 |
1 |
$8 |
1 |
$8 |
1 |
$8 |
|
|
1 |
7 |
2 |
7 |
2 |
7 |
2 |
7 |
|
|
2 |
6 |
3 |
6 |
3 |
6 |
3 |
6 |
|
|
3 |
5 |
4 |
5 |
4 |
5 |
4 |
5 |
|
|
4 |
4 |
5 |
4 |
5 |
4 |
5 |
4 |
|
|
5 |
3 |
6 |
3 |
6 |
3 |
6 |
3 |
|
|
6 |
2 |
7 |
2 |
7 |
2 |
7 |
2 |
|
|
7 |
1 |
8 |
1 |
8 |
1 |
8 |
1 |
|
|
8 |