Homework Answers
Ans. a) Here as we are considering the individual demand for public goods, the market demand will be the vertical summation of individual demand curves.
Individual 1 demands 1st unit of good at price $8
Individual 2 demands 1st unit of good at price $5
Individual 3 demands 1st unit of good at price $8
Hence, the price at which 1st unit of good demanded in market demand curve is the vertical summation of these individual demand curves, i.e, $19
Similarly, we can find the respective prices for quantity demanded.
b) At optimal Quantity, Quantity demanded in the market = Quantity supplied in the market.
If we compare the table given for quantity supply, we see that at $18, Qd = Qs = 2
Hence, the optimal quantity is 2
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a. On the basis of the three individual demand schedules below, and assuming these three determine the collect...
22 a. On the basis of the three individual demand schedules below, and assuming these three...
22
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 whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 S8 S8 2 4 4 4 4 4 2 b. Use the public demand schedule above...
a. On the basis of the three individual demand schedules below, and assuming these three people...
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 whole numbers. Demand Public Good Price Qd - Individual #1 Individual #2 Individual #3 Price Qd Price Qd Price Qd $16 0 $16 1 $16 L 1 14 I o I 14 I 2 14 I 2...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges.
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. a. Given the equilibrium price of S10, what is the equilibrium quantity given the data above? b. What if, instead of...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables Minimum Maximum Actual Equilibrium Acceptable Price Person Price Willing To Pay $21 16 Person Price $10 10 10 10...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person: Max price person willing to pay Actual Price bob $13 $8 barb 12 8 bill 11 8 bart...
Look at the two tables below, which show, respectively, the willingness to pay and willingness to...
Look at the two tables below, which show, respectively, the
willingness to pay and willingness to accept of buyers and sellers
of bags of oranges. For the following questions, assume that the
equilibrium price and quantity will depend on the indicated changes
in supply and demand. Assume that the only market participants are
those listed by name in the two tables.
equilibrium price and quantity will depend on the Indicated changes in supply and demand. Assume that the only market...
On the basis of the three individual demand schedules below, and assuming these three people are...
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 prvate good and (bj the collective demand schedule on the assumption that the good is a public good Instructions: Enter your answers as whole numbers (in the gray-shaded celis) Individual #1 Individual #2 Individual #3 (a) Private Demand (b) Public Demand Qd Price Qd...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person Price Willing To Pay Actual Equilibrium Price Person Minimum Acceptable Price $5 $15 $10 Bob Barb Carlos Courtney...
Instructions: Enter your answers as whole numbers. | Individual #1 Price Qd $16 Individual #2 Price...
Instructions: Enter your answers as whole numbers. | Individual #1 Price Qd $16 Individual #2 Price $16 Demand Public Good Price Qd Individual #3 Price Qd $16 14 Qd 14 2 b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Price Quantity Supplied $20 Optimal quantity =
a. On the basis of the three individual demand schedules below, and assuming these three people...
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. b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good
22
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 whole numbers. Demand Individual #1 Individual #2 Individual #3 Public Good Price Qd Price Qd Price Qd Price Qd $8 S8 S8 2 4 4 4 4 4 2 b. Use the public demand schedule above...
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 whole numbers. Demand Public Good Price Qd - Individual #1 Individual #2 Individual #3 Price Qd Price Qd Price Qd $16 0 $16 1 $16 L 1 14 I o I 14 I 2 14 I 2...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables Minimum Maximum Actual Equilibrium Acceptable Price Person Price Willing To Pay $21 16 Person Price $10 10 10 10...
Look at the two tables below, which show, respectively, the
willingness to pay and willingness to accept of buyers and sellers
of bags of oranges. For the following questions, assume that the
equilibrium price and quantity will depend on the indicated changes
in supply and demand. Assume that the only market participants are
those listed by name in the two tables.
equilibrium price and quantity will depend on the Indicated changes in supply and demand. Assume that the only market...
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 prvate good and (bj the collective demand schedule on the assumption that the good is a public good Instructions: Enter your answers as whole numbers (in the gray-shaded celis) Individual #1 Individual #2 Individual #3 (a) Private Demand (b) Public Demand Qd Price Qd...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person Price Willing To Pay Actual Equilibrium Price Person Minimum Acceptable Price $5 $15 $10 Bob Barb Carlos Courtney...
Instructions: Enter your answers as whole numbers. | Individual #1 Price Qd $16 Individual #2 Price $16 Demand Public Good Price Qd Individual #3 Price Qd $16 14 Qd 14 2 b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Price Quantity Supplied $20 Optimal quantity =
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