3. Ten identical consumers all have individual willingness-to-pay curves for a public goodsay, local parks (where P

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3. Ten identical consumers all have individual willingness-to-pay curves for a public good—say, local parks (where P is measured in hundreds of dollars and Q is measured in acres). Construct and graph the aggregate willingness-to-pay curve. For 50 acres of parks, what is the maximum each individual would be willing to pay?

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Microeconomics And Behavior

ISBN: 9780073375946

8th Edition

Authors: Robert Frank, David Colander

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