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The marginal cost of providing 25 neighborhood street lamps is $2000. There are 3 people living in the neighborhood. Person 1 is willing to pay
The marginal cost of providing 25 neighborhood street lamps is $2000. There are 3 people living in the neighborhood. Person 1 is willing to pay $800 for the 25 lamps and person 2 is willing to pay $300 for the 25 street lamps. Efficiency requires that 25 lamps be provided. What is the minimum amount person 3 is willing to pay for 25 street lamps?
A. $800
B. $900
C. $1100
D. $2000
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