1.The willingness to pay (WTP) for outdoor music concerts (which you can assume are public goods) is defined for three individuals in the figure below (per year).

a.[2] What is the total WTP? (draw this on the graph, carefully)

b.[2] If the cost of putting on a concert is $20 each, how many concerts will be provided if left to the market? Why?

c.[2] At a cost of $20 per concert, what is the socially optimal number of concerts? Explain.

d.[2] What is the dead weight loss (shade the area) if the answer to "b" is different than the answer to "c"? Explain.