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8. Total demand and the optimal quantity of a public good Gilberto and Lorenzo are two lobster fishermen who depend on buoys for directions at night. The following graphs show Gilberto's and Lorenzo's willingness-to-pay curves for buoys. Assume that they are the only two people in the economy. (?) ? Gilberto Lorenzo 200 200 PRICE (Dollars per buoy) PRICE (Dollars per buoy) Gilberto's Willingness to Pay O O O O O Lorenzo's Wilingness to Pay QUANITTY (Number of buoys) QUANITTY (Number of buoys) Fill in the following table by calculating the collective demand for the given quantity of buoys. Quantity Gilberto's Willingness to Pay Lorenzo's Willingness to Pay Total Willingness to Pay (Number of buoys) ( Dollars] ( Dollars) (Dollars) 120 60 110 50 100 40 90 30 80 20 Suppose the price of a buoy is $140, as shown by the horizontal line on the following graph. From the perspective of Gilberto and Lorenzo, this is the supply curve for buoys.Use the blue points (circle symbol) to plot the collective demand curve for buoys. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Lorenzo 200 O 180 Total Demand 160 Supply 140 120 100 PRICE (Dollars per buoy) GO 40 2 QUANITTY (Number of buoys) Therefore, the socially optimal number of buoys isfive buoys four buoys three buoys Number of buoys) two buoys ber of buoys is