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Table 11-2
Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight.
-Refer to Table 11-2. Suppose the cost to install each streetlight is $900 and the families have agreed to split the cost of the streetlights equally. If the families vote to determine the number of streetlights to install, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus) , what is the greatest number of streetlights for which the majority of families would vote "yes?"
Medical Services
Healthcare services provided by medical professionals to patients for the purpose of promoting, maintaining, or restoring health.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded for it over a given period of time.
Elastic
Describes a situation in economics where the quantity demanded or supplied of a good or service is sensitive to changes in its price.
Monopolistic Competitor
A type of market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
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