On the basis of the three individual demand schedules below, and assuming these three people are the

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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
(b) The collective demand schedule on the assumption that the good is a public good. Explain the differences, if any, in yourschedules.

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Question Posted: May 23, 2013 07:48 AM

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On the basis of the three individual demand schedules below, and assuming these three people are the

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0 0 1 2 3 4 5 6 3 |P $ 87654321 12345678 2-Q P 68 7654321 0000-2345 -P :8 7 6 5 4 3 2 1

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a Private good top to bottom P 8 Q 1 P 7 Q 2 P 6 Q 4 P 5 Q 7 P 4 Q 10 P 3 Q ...View the full answer

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