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Three 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),
where P represents price in dollars per unit and Q represents output in units per day.
a) Derive the market demand curve for this public good. Illustrate it graphically (Hint: the market demand curve is kinked).
b) 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. If the MC increases to 10, what is the new efficient level of output?
Illustrate your answers graphically
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