41 On the basis of the three individual demand schedules below, and assuming the

Question

41 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. Responses go into the gray shaded 1.81 points Skipped Instructions: Enter your answers as whole numbers. Individual #1 | (a) Private Demand | Individual #2 | Individual #3 (b) Public Demand Amount Price ad Price ad Price d Pricead Society is d Willing to $16 Pay S16 $16 12 10 14. 12 10 12 12

Explanation / Answer

a) Private demand schedule

b) Publicdemand schedule

Price quantity 16 2 14 4 12 6 10 9 8 12 6 15 4 18 2 21

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