Question

Equilibrium for public goods is characterized by: a. MRS1 + MRS2 + MRS3 + ... + MRSn = MRT. b. SMB = SMB. c. MC = MB. d. SMC = MRT. 

          Equilibrium for public goods is characterized by:

a. MRS1 + MRS2 + MRS3 + ... + MRSn = MRT.
b. SMB = SMB.
c. MC = MB.
d. SMC = MRT.

Added by Shawn M.

Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Equilibrium for public goods is characterized by: a. MRS1 + MRS2 + MRS3 + ... + MRSn = MRT. b. SMB = SMB. c. MC = MB. d. SMC = MRT.
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Transcript

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00:01 In this problem, equilibrium is where supply equals to demand, right? so in this market, the equilibrium quantity is what? so how do we solve this problem? so here you can say that equilibrium is where the demand curve intersects supply curve.
00:43 Right so this is demand supply curve we know that right so this is the key point right so where is the intersection let us see so here is the intersection right somewhere here so what is the price this is the price and this is quantity right so that means the quantity will be equilibrium quantity will be given by this is equal to 21 this is 21 right this is 21 and this is what this is 21 and this is 21 and you can say that this is 6 so this is basically an equilibrium of demand and supply curve right so here equilibrium price will be what price will be equal to 6 so this is the answer.
01:56 Basically, it is asked for quantity.
01:59 Then this quantity will be two here...
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