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Suppose there are two individuals who get benefits from the provision of a public good. Let Q represent the number of units of the public
Suppose there are two individuals who get benefits from the provision of a public good. Let Q represent the number of units of the public good that are provided. The first individual's marginal benefits (MB) are given by the equation MB1 = 4 - 0.5Q and the second individual's marginal benefits are given by the equation MB2 = 7 - 2Q. The benefits of this good are nonrival and nonexcludable. What will be the market demand for this good? Indicate the parameters of the market demand equation in the blanks below, along with the ranges of Q corresponding to those parameters. Assume that marginal benefits never fall below zero (that is, for any Q where the marginal benefits equation would give a negative value, marginal benefits are equal tp zero)
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