it is OK to turn in a hand-written or hand-drown assignment. Always show your work. Suppose Bao has demand Q = 300 3P for acres of open space and Lena has the demand Q = 200 - P for acres of open space. The cost of providing each acre of open space is $80. Problem 1: Suppose open space is marketed like a private good. (a) Calculate the quantity of acres of open space that would be privately purchased. Problem 2: Now suppose open space is marketed like a public good. (a) Calculate the quantity of acres of open space that socially optimal. Problem 3: (a) Compare this socially optimal quantity with the quantity that would be privately purchased and calculate the difference. (b) Does the private market under or over provide this public good