Please answer fast Private Good. In the table below are five individual demand schedules forECONOBREAD, which is produced by the local government. The weeklyamount of bread loaves demanded per week is provided for each price. It costsyou $4 to produce each loaf of bread. There are no fixed costs.Price ($/loaf of bread per week)8 7 6 5432#1 Demand2233#2 Demand222# 3 Demand2223# 4 Demand1222#5 Demand3334Demand Qd =7 8 91011121314 15Competitive Solution: P = MC, Qc= 12Pc = 4Total Cost of Production = 4(12) = 48 Total Taxes from each resident = TC/5 =Resident Total Valuation = #1 = 3x4 = 12, #2 =#3 =#4 =#5 =--Vote on Production (Y or N)#1 = Y, #2 = ___, #3 =, #4 =#5 =--m3m 24m23n23212N 13212N 122 1 112

PRICE(P) 12 11 10 9 8 7 6 5 4 #1 DEMAND( d 1 ) 2 2 2 2 2 3 3 3 3 #2 DEMAND( d 2 ) 0 0 0 1 1 1 1…

ECONOBREAD, which is produced by the local government. The weekly amount of bread loaves demanded per week is provided for each price. It costs you $4 to produce each loaf of bread. There are no fixed costs. Price ($/loaf of bread per week) 8 7 6 5 4 3 1 #1 Demand 3 3 3 # 2 Demand 2 3 #3 Demand 1 3 3 3 # 4 Demand #5 Demand 1 2 2 2 3 4 4 Demand Qd 7 10 11 12 13 14 15 322N 23 222 23 222 13 212 13 212N 12 211 12

ECONOBREAD, which is produced by the local government. The weekly amount of bread loaves demanded per week is provided for each price. It costs you $4 to produce each loaf of bread. There are no fixed costs. Price ($/loaf of bread per week) 8 7 6 5 4 3 1 #1 Demand 3 3 3 # 2 Demand 2 3 #3 Demand 1 3 3 3 # 4 Demand #5 Demand 1 2 2 2 3 4 4 Demand Qd 7 10 11 12 13 14 15 322N 23 222 23 222 13 212 13 212N 12 211 12

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 22CTQ: Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are...

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