There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by W₁ = 200-T W₂ = 240-T W3 = 320 - T Suppose public television is a pure public good that can be produced at a constant marginal cost of $210 per hour. What is the efficient number of hours of public television? The efficient number of hours is (Enter your response rounded to two decimal places.) How much public television would a competitive private market provide? Assuming a competitive private market would provide public television, it would produce hours of public television. (Enter your response round

There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by W₁ = 200-T W₂ = 240-T W3 = 320 - T Suppose public television is a pure public good that can be produced at a constant marginal cost of $210 per hour. What is the efficient number of hours of public television? The efficient number of hours is (Enter your response rounded to two decimal places.) How much public television would a competitive private market provide? Assuming a competitive private market would provide public television, it would produce hours of public television. (Enter your response round

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter16: Public Goods And Public Choice

Section: Chapter Questions

Problem 1.1P: (Optimal Provision of Public Goods) Using at least two individual consumers, show how the market...

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