KEY QUESTION On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine ( a ) the market demand schedule on the assumption that the good is a private good and ( b ) the collective demand schedule on the assumption that the good is a public good. Explain the differences, if any, in your schedules.

Individual 1 Individual 2 Individual 3 P Qd P Qd P Qd $8 0 $8 1 $8 0 7 0 7 2 7 0 6 0 6 3 6 1 5 1 5 4 5 2 4 2 4 5 4 3 3 3 3 6 3 4 2 4 2 7 2 5 1 5 1 8 1 6