Threee individuals consume a public good and their demands, Ask an Expert

Economics

Threee individuals consume a public good, and their demands are expressed as:

P1=1.5-0.005Q(for Q<300)
P2=4.5-0.007Q(for Q<643)
P3=3.0-0.002Q(for Q<1500)

when P represents price in dollars per unit and Q represents putput in units perday. The marginal cost of providing the service is given as a constant $5.00 per unit. Determine the efficient level of output of this public good.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M955373

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question describe how each of these changes is likely to

Question: Describe how each of these changes is likely to affect poverty and inequality: a. Incomes rise for low-income and high-income workers, but rise more for the high-income earners. b. Incomes fall for low-income a ...

Question assume that you are an economic advisor and your

Question: Assume that you are an economic advisor and your focus is on understanding the different types of exchange rate systems. You have been hired to understand the shifts in monetary policy and their influence on mo ...

Question how does having effective performance

Question: How does having effective performance methodologies allow a firm to adequately measure economic performance? What is the role of an effective transfer pricing methodology in allowing effective performance measu ...

A market with q 16p-2 is supplied by a monopoly with cost

A market with Q = 16*p^-2 is supplied by a monopoly with cost C(Q) = 6 + Q^2/8. Calculate the equilibrium price, output and monopoly profits. What should be the equilibrium if the market were supplied competitively by fi ...

Question your electronics company has the potential to make

Question: Your electronics company has the potential to make a profit of $1,000,000 per year for 10 years. If the company puts all of this money in a bank account that earns 5% per year, how much money will be in the acc ...

Question a countrys economy is described in table 2 using

Question: A country's economy is described in Table 2. Using information in Table 2, answer questions (2.1), (2.2), (2.3) and (2.4) Phillips curve p -p-1=-0.55x( U-Un) Natural rate of unemployment uN = 5% Previous year's ...

Question requires calculus three cournot oligopolists all

Question: (Requires calculus) Three Cournot oligopolists, all with constant and identical marginal costs of $5, serve a market with demand Q = 15 - P. Calculate their equilibrium output and show that it is three-fourths ...

Question - the following table provides a probability

Question - The following table provides a probability distribution for the random variable x. x f(x) 3 .25 6 .50 9 .25 A) Compute E(x), the expected value of x. B) Compute s 2 , the variance of x (to 1 decimal). C) Compu ...

Question 1search the internet for sample executive

Question: 1. Search the internet for sample executive summaries. 2. From your research, describe 3 items that need to be in an executive summary and your reasons why. 3. Include in your critique how you would ensure that ...

Question the c declined an average of more than 3 per year

Question: The C$ declined an average of more than 3% per year relative to the US$ during the 1990s, yet the inflation rate in Canada was almost 1% lower. Also, Canada has a positive trade balance, compared to the huge US ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert