Smith and Jones face the choice of driving to work early or late. If they both drive
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Smith and Jones face the choice of driving to work early or late. If they both drive to work at the same time, each gets in the way of the other on the road, and so their daily commute takes longer and is more irritating. The monetary payoffs for each person are listed in the table below for each of the four possible combinations of actions:
a. If Smith and Jones are payoff maximizers and make their decisions individually, what will they do?
564 CHAPTER 16 EXTERNALITIES, PROPERTY RIGHTS, AND THE COASE THEOREM
*This problem is most easily solved by making use of the calculus definition of marginal product given in the Appendix to Chapter 9.
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Related Book For 
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ISBN: 9781259911637
6th Edition
Authors: Suzanne De Janasz, Karen Dowd, Beth Schneider
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