Consider an economy with three individuals. Individual 1 has inverse demand function for a public good given as P1=50-2Q1, Individual 2 has inverse demand function for the public good given as P2=80-5Q2 and Individual 3 has inverse demand function for the public good given as P3=100-4Q3 The prices are measured in dollars per unit. Suppose the marginal cost of producing the public good is $30 per unit.
a) Determine the efficient level of the public good. b) Determine the Lindhal price of the public for each individual. c) Who pays more for the public good?