Determine the efficient level of output of public good, Microeconomics

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Determine the efficient level of output of public good

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.

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Microeconomics: Determine the efficient level of output of public good

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Microeconomics: Determine the efficient level of output of public good

Reference No:- TGS055373

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Ask an Expert for Answer!!

Microeconomics: Determine the efficient level of output of public good

Reference No:- TGS055373

Recent Questions Asked Microeconomics

Q : What price will monopolistically competitive firm charge

Q : Principles of finance-contrast net income and cash flows

Q : Derive marginal price of crude oil faced by domestic refiner

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Q : Calculate how much cigarettes will change in short term run

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