1. KEY QUESTION Based on the following three individual demand schedules for a particular good, 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. Explain the differences, if any, in your schedules.

Individual 1 Individual 2 Individual 3 P Qd P Qd P Qd

$8 0 $8 1 $8 0 70 72 70 60 63 61 51 54 52 42 45 43 33 36 34 24 27 25 15 18 16