3. A society consists of 3 identical individuals who derive utility from a public good. The public good can be provided at a constant marginal cost of 2. Let x denote the level of public good provision by i, where i 1,2,3. Let X - x + x2 + x3 be the total provision. The net benefit enjoyed by individual i from providing x, units of the public good is given by U(x, X) = 4 ln X - 2x; where i 1,2. Is the total provision X* under individual optimisation higher or lower than the socially optimal level of provision X? Explain the intuition for your result.