Ryans demand for hamburgers (a private good) is Q = 21 6P and Madisons demand is
Question:
Ryan’s demand for hamburgers (a private good) is Q = 21 − 6P and Madison’s demand is Q = 6 − 3P.
a. Write down an equation for the social marginal benefit of hamburger consumption.
b. Now suppose that hamburgers are a public good. Write down an equation for the social marginal benefit of hamburger consumption.
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Step by Step Answer:
a The social marginal benefit SMB of hamburger consumption can be calculated by summing the individu...View the full answer
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