Return to question hree individual demand schedules below an

Return to question hree individual demand schedules below, and assuming these three people are the only ones in the society, determine (j the market onthe astepntetthe good is a phate good sd tite coleche demand schedule on he assumpone re good apbk goed On the basis of the t Ester your answers es whole numbers the groy-shaded cels O Answer is complete but not entirely correct. a) Private Demand Individual #1 Individual 2 individual 83 (bl Public Demand ad 60 13 0 120 5 07 M> ion command command option

Solution

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Individual 1	Individual 2	Individual 3	Private Demand	Public Demand
Price	Qty	Price	Qty	Price	Qty	Price	Qty	Price	Qty
8	0	8	1	8	1	8	2	22 (=6+8+8)	1
7	0	7	2	7	2	7	4	19 (=5+7+7)	2
6	1	6	3	6	3	6	7	16 (=4+6+6)	3
5	2	5	4	5	4	5	10	13 (=3+5+5)	4
4	3	4	5	4	5	4	13	10 (=2+4+4)	5
3	4	3	6	3	6	3	16	7 (=1+3+3)	6
2	5	2	7	2	7	2	19	4 (=2+2)	7
1	6	1	8	1	8	1	22	2 (=1+1)	8
For public demand, you need to add the prices for the different quantities.