Suppose 10 people each have the demand Q = 20 4P for streetlights and 5 people
Question:
Suppose 10 people each have the demand Q = 20 – 4P for streetlights and 5 people have the demand Q = 18 – 2P for streetlights. The cost of building each streetlight is3. If it is impossible to purchase a fractional number of streetlights, how many street lights are socially optimal?
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Compute the social optimum by inverting the demand curves and summing to get the social demand P 5 Q...View the full answer
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