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uantity Person A: WTP Person B: WTP Person C: WTP 1 $10 $15 $4 2 $7 $10 $3 3 $4 $5 $2 4 $1 $0
uantity Person A: WTP Person B: WTP Person C: WTP 1 $10 $15 $4 2 $7 $10 $3 3 $4 $5 $2 4 $1 $0 $1 The table above represents the individual demand curves for three different people for a good. Assume also that the market as as whole is made up of the three consumers in total. Assume the good is a private good (e.g. each quantity represents a fancy candy bar). If the price is set to $3 per quantity, what quantity would "Person C" purchase? If the price is set to $3 per quantity, what quantity would be purchased in the market as a whole? If the price rises to $8 per quantity, what quantity would be purchased by the market as a whole? Assume the good is now a public good (e.g. each quantity represents units of time in a beautiful park with no space constraints). If the price is set to $3 per quantity, what quantity would "Person C" purchase? If the price is set to $8 per quantity, what quantity would be purchased in the market as a whole? What is the socially optimal quantity for this market to provide
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