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Richard's demand for hamburgers (a private good) is given by qR = 20 2p and Laura's demand is given by qL = 20 p Write
Richard's demand for hamburgers (a private good) is given by qR = 20 2p and Laura's demand is given by qL = 20 p Write down an equation for the SMB of the consumption of hamburgers (hint:horizontal). What is society's willingess to pay to 3rd hamburger? Suppose that hamburgers are a public good. Write down an equation for the SMB of hamburger consumption. How much would society value the 10th hamburger (hint:vertical).
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