Use the following to answer questions:
Figure: Traffic Lights in Plymouth 
-(Figure: Traffic Lights in Plymouth) Use Figure: Traffic Lights in Plymouth.Plymouth has 1,000 residents.Each of the residents has the same individual marginal benefit per traffic light.If the town's population doubles and the new residents share the identical individual marginal benefit of the existing residents,the socially efficient quantity of traffic lights will:
Definitions:
Sunk Cost
An expense that has been incurred and cannot be recouped.
Manufacturing Costs
The total expense involved in the manufacture of a product, including direct labor, direct materials, and manufacturing overhead.
Scrap Metal
Waste metal material that can be recycled or reused, often collected and sold by businesses or individuals.
Differential Analysis
The process of comparing the costs and benefits of alternative business decisions, focusing on differences in outcomes.
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Q132: Which example is considered a private good?<br>A)traffic
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