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Suppose five roommates are deciding whether or not to buy a piece of artwork for their living room. This artwork is a good example of
Suppose five roommates are deciding whether or not to buy a piece of artwork for their living room. This artwork is a good example of a public good for the house: anyone can look at it any time (non-excludable), and one person's enjoyment of the painting doesn't depend on how many other people are looking at it (non-rivalrous). The artwork costs $200. The table below describes each roommate's willingness to pay (WTP) for the art and their monthly income.
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