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Question: A collectivity consists of three persons, A, B, C. Demand for some collectively provided service, x, being for person A, P = 40/x; for person B, P = 20/x; and for person C, p = 10/x. The marginal cost is 10.

(i). What is the SMB (social marginal benefit) function/curve for this community?

(ii) What would be the socially efficient level of x according to the Benefit principle or Samuelson condition?

(iii) What would be the level of x according to majority rule with equal head tax?

(iv) Did the majority rule in democracy produces efficient amount of public good?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92587275

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