-The table above shows the marginal benefit from providing police protection in a community of two people, Jake and Elwood. Police protection is a public good.
a) What is the marginal social benefit to community from the 4th police car on duty?
b) If the marginal social cost of a police car on duty is $37, what is the efficient number of cars on duty?
c) If the marginal social cost of a police car on duty is $70, what is the efficient number of cars on duty?
Definitions:
Saturday Evening Post
An American magazine that historically featured literature, journalism, and illustrations, known for its broad appeal and contributions to American culture and its iconic covers.
Essential Human Freedoms
Fundamental rights considered to be the inherent entitlements of all human beings, such as freedom of speech, religion, and equality before the law.
American Neutrality
A foreign policy stance by which the United States has sought to avoid entanglement in the affairs and wars of other nations, notably during the early parts of both World Wars.
Expansionist Hopes
Aspirations or ambitions to expand a country's territory or influence.
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