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What is the price of the public good

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Reference no: EM131299389

Assume there are only 3 people in the economy. They are Abbot, Costello, and Harvey. Their demand for a public good is as follows:

Abbot: QD = 10 - 0.5P

Costello: QD = 15 - P

Harvey: QD = 20 - 4P

Assume that the supply for the public good is QS = 0.5P.

What is the optimal amount of the public good for this economy and what is the price of the public good?

  • 45, $5.50
  • 15, $1.83
  • 7.62, $15.24
  • 3.75, $7.50
  • 40, $3.25

Reference no: EM131299389

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