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3. (12) Z is a public good. Person 1's demand is Q1=10P.2 's is Q2=10(1/2)P. 3's is Q3=102P. You may want to graph these. a.

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3. (12) Z is a public good. Person 1's demand is Q1=10P.2 's is Q2=10(1/2)P. 3's is Q3=102P. You may want to graph these. a. (3) If the competitive market price is 14 , does anyone buy it privately (the competitive outcome)? Explain why or why not. b. (4) Derive the social demand (or marginal social value) of Z. c. (5) Is the competitive output efficient? Explain using the concept of Pareto Efficient Exchange

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