Problem 14-01 (algal Two consumers, Smith and Jones, have the following demand curves for Podunk Public Radio broadcasts of recorded opera on Saturdays: Smith: P5=12 - G' Jones: PJZ 12 20, where PS and PJ represent marginal willingness-to-pay values for Smith and Jones, respectively, and Grepresents the number of hours of opera broadcast each Saturday. a. It Smith and Jones are the only public radio listeners in Podunk, construct the market demand curve for opera broadcasts. Instructions: Use the tools provided to draw the demand curve for both 'Smith' and 'Jones'. Draw only the two endpoints of each curve. Click the plotting tool to activate it and indicate the first point you want to plot by clicking on the grid. Click again to identify the second point. Both endpoints should touch the axes. When you have finished drawing the individual demand curves, draw the market demand curve 1DMktl- Be sure to plot three points with the endpoints touching the two axes. To remove a point from the graph, drag the point offthe edge ofthe graph. \fb. If the marginal cost of opera broadcasts is $12 per hour, what is the socially optimal number of hours of broadcast opera? The socially optimal number of hours is