Question

Ten identical consumers all have individual willingness-to-pay curves P = 5 – (1/20)Q for a public good—say, local parks (where P is measured in hundreds of dollars and Q is measured in acres). Construct and graph the aggregate willingness-to-pay curve. For 50 acres of parks, what is the maximum each individual would be willing to pay?



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  • CreatedDecember 12, 2014
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