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Graph the market demand and efficient quantity assuming thingamajigs are a public good.

Let Sandra’s demand for thingamajigs be P = 10 – q and let Ricky’s demand for thingamajigs be P = 6 – q/2. Let the price equal marginal cost be $4. a. Graph the market demand and efficient quantity assuming thingamajigs are a private good. b. Graph the market demand and efficient quantity assuming thingamajigs are a public good.

Solution:

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