Summer open-air concerts are a pure public good in a small town.The average cost of each concert per night is constant at $500.Explain why it would be inefficient to require each resident of a com?munity to hire their own orchestra at the $500 rate for each concert.Assuming that the marginal benefit of the first concert is $25 for each of the 1,000 residents of the community, prove that it will be efficient to have more than one concert per summer.If the concert were financed with voluntary contributions, what conditions would have to prevail to achieve the efficient number of concerts per summer?

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The Answer of Summer open-air concerts are a pure public good in a small town.The average cost of each concert per night is constant at $500.Explain why it would be inefficient to require each resident of a com?munity to hire their own orchestra at the $500 rate for each concert.Assuming that the marginal benefit of the first concert is $25 for each of the 1,000 residents of the community, prove that it will be efficient to have more than one concert per summer.If the concert were financed with voluntary contributions, what conditions would have to prevail to achieve the efficient number of concerts per summer?

Summer Open-Air Concerts Are a Pure Public Good in a Small