Fill in the column society willingness to pay

Assignment Help Business Economics

Reference no: EM13155183

Quantity of the public good	Willingness to pay of person 1	Willingness to pay of person 2	Society's willingness to pay
1	65	35
2	55	25
3	45	15
4	35	5
5	20	0

The table above shows the willingness to pay for various units of a public good for the only two individuals in a society. The willingness to pay is the willingness to pay per unit of the public good. For example, person 1 is willing to pay $55 per unit of the public good for two units. To put it another way, if the price to person 1 of two units of the public good is $55, then person 1 would want to purchase 2 units of the public good. (If you were to plot person 1's willingness to pay for the public good with quantity on the horizontal axis and willingness to pay on the vertical axis, it would look like a demand curve, and that is exactly what it is.) Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.

Reference no: EM13155183

Questions Cloud

Future value of a dollar : The future value of a dollar ________ as the interest rate increases and ________ the farther in the future an initial deposit is to be received.

Which supports the idea that a membrane is asymmetric : Which supports the idea that a membrane is asymmetric?

Equity method and recognized income : Daniels Corporation reports its income from investments under the equity method and recognized income of $15,000 from its investment in Travis Company during the current year.

Work gives compensation and benefits : Essay prompt: In what ways and to what extent does work benefit or harm people today? The assignment asks me to write 5 paragraphs--3 about benefits and 2 about harm, or vice versa.

Fill in the column society willingness to pay : Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.

Journal entry-impairement of goodwill : Prepared a journal entry (if any) for Blaha Comapany to recorded the impairement of its goodwill at the end of 2004

Specific identifiation inventory costing method : To alleviate the overstocing of refrigertors at a Minneapolis retailer, some were reshipped to a Kansas City retailer where they were still held in inventory at Decmber 31,2009. Happlia paid the cost of this reshipment. Happlia use the specific id..

Identify the sequence and timing of the mayor events : Identify the sequence and timing of the mayor events in the evolution of early life, ending with the movement of the first life onto land.

Determining balance in investment account : Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be

User Account

All Pages