Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 5 - Market Failures: Public Goods and Externalities - Problems - Page 113: 5

Answer

For P = 8, Q= 1 For P = 7, Q= 2 For P = 6, Q= 4 For P = 5, Q= 7 For P = 4, Q= 10 For P = 3, Q= 13 For P = 2, Q= 16 For P = 1, Q = 19

Work Step by Step

For market demand schedule, add the individual demands to get the total quantity For P = 8, Q= 0 + 1 + 0 = 1 For P = 7, Q= 0 + 2 + 0 = 2 For P = 6, Q= 0 + 3 + 1 = 4 For P = 5, Q= 1 + 4 + 2 = 7 For P = 4, Q= 2 + 5 + 3 = 10 For P = 3, Q= 3 + 6 + 4 = 13 For P = 2, Q= 4 + 7 + 5 = 16 For P = 1, Q = 5 + 8 + 6 = 19
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