Assume that the economy of Wonderland has only two individuals: Rhea and Ron.The table given below shows the marginal benefit received by these two individuals from the consumption of different units of a public good.Given that the marginal cost of producing the public good is $500,calculate the efficient amount of the public good to be produced.Also illustrate your answer graphically.

Question

Assume that the economy of Wonderland has only two individuals: Rhea and Ron.The table given below shows the marginal benefit received by these two individuals from the consumption of different units of a public good.Given that the marginal cost of producing the public good is $500,calculate the efficient amount of the public good to be produced.Also illustrate your answer graphically.
Assume that the economy of Wonderland has only two individuals: Rhea and Ron.The table given below shows the marginal benefit received by these two individuals from the consumption of different units of a public good.Given that the marginal cost of producing the public good is $500,calculate the efficient amount of the public good to be produced.Also illustrate your answer graphically.

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The Answer of Assume that the economy of Wonderland has only two individuals: Rhea and Ron.The table given below shows the marginal benefit received by these two individuals from the consumption of different units of a public good.Given that the marginal cost of producing the public good is $500,calculate the efficient amount of the public good to be produced.Also illustrate your answer graphically.

Assume That the Economy of Wonderland Has Only Two Individuals