On the basis of the three individual demand schedules in the following table, and assuming these are the only three people in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective deman schedule on the assumption that the good is a public good, Instructions: Enter your answers as a whole number Individual 2 Individual 1 Individual 3 (a) Private Demand (b) Public Demand Price Od Price Qd Od Price Price Od Od Price 1 $16 $16 1 0 1 S16 $16 2 14 2 2 14 14 14 3 12 12 3 12 3 12 4 10 10 10 4 4 10 5 5 8 8 8 OD 8 Con N 6 6 0 6 6 6 7 7 4 4 4 4 8 2 2 2 2 2 2 8 On the basis of the three individual demand schedules in the following table, and assuming these are the only three people in the society, determine (a) the market demand schedule on the assumption that the good is a private good and (b) the collective deman schedule on the assumption that the good is a public good, Instructions: Enter your answers as a whole number Individual 2 Individual 1 Individual 3 (a) Private Demand (b) Public Demand Price Od Price Qd Od Price Price Od Od Price 1 $16 $16 1 0 1 S16 $16 2 14 2 2 14 14 14 3 12 12 3 12 3 12 4 10 10 10 4 4 10 5 5 8 8 8 OD 8 Con N 6 6 0 6 6 6 7 7 4 4 4 4 8 2 2 2 2 2 2 8