(Table) In the table provided, P₁ through P₄ are the prices that four consumers are willing to pay for different quantities of a public good. If a demand curve were created for this public good, the price associated with the third unit would be
$\begin{array}{|c|c|c|c|c|}\hline Q & P_{1} & P_{2} & P_{3} & P_{4} \\\hline 1 & 9 & 8 & 7 & 6 \\\hline 2 & 7 & 6 & 5 & 4 \\\hline 3 & 5 & 4 & 3 & 2 \\\hline 4 & 3 & 2 & 1 & 0 \\\hline\end{array}$

Question

(Table) In the table provided, P₁ through P₄ are the prices that four consumers are willing to pay for different quantities of a public good. If a demand curve were created for this public good, the price associated with the third unit would be

\begin{array}{|c|c|c|c|c|}\hline Q & P_{1} & P_{2} & P_{3} & P_{4} \\\hline 1 & 9 & 8 & 7 & 6 \\\hline 2 & 7 & 6 & 5 & 4 \\\hline 3 & 5 & 4 & 3 & 2 \\\hline 4 & 3 & 2 & 1 & 0 \\\hline\end{array}

Quizplus · Accepted Answer

For a public good, the demand curve is created by vertically summing the individual willingness to pay for each quantity. For the third unit, the willingness to pay is $5 + $4 + $3 + $2 = $14.

(Table) in the Table Provided, P1 Through P4 Are the Prices

(Table) in the Table Provided, P₁ Through P₄ Are the Prices