Time Group 1 Group 2 Group 3 Vertical Sum 0 200 240 320 760 % 100 140 360 120 120 80 280 140 60 100 200 40 80 0 120 180 0 60 0 How much public television would a competitive private market provide? To find the number of hours that the private market would provide,we add the individual demand curves horimontally.The efficient number of hour is such that the pri vate marginal cost is equal to the pr rivate ma benefit The demand curve for group 1 lies below M 00 for all T> With marginal cost equal to $200,only groups 2 and 3 would be willing to pay $200.At that price,100 hours of programming would be provided. Quantity Demanded Price Group 1 Group 2 Group 3 Horizontal Sum 240 0 0 40 40 220 0 20 50 70 200 40 60 100 180 20 60 70 150 160 40 80 200 140 60 100 90 260 10.Reconsider the common resource problem as given by Example 18.5. Suppose that crawfish continue s to incr ease.and that the demand curve shifs -0.0064F. How does this shiftin demand affect the actual crawfish catch,the efficient catch,and the social cost of common access?(Hint:Use the marginal social cost and private cost curves given in the example.) The relevant information is now the following: Demand: C=0.50.0.0064F MSC: C=.5.645+0.6509F With an increase in demand,the demand curve for crawfish shifts upward. intersecting the pri axis at $0.50.The private cost curve has a positive Time Group 1 Group 2 Group 3 Vertical Sum 0 200 240 320 760 100 100 140 120 360 120 80 120 80 280 140 60 100 40 200 160 40 80 0 120 180 20 60 0 80 b. How much public television would a competitive private market provide? To find the number of hours that the private market would provide, we add the individual demand curves horizontally. The efficient number of hours is such that the private marginal cost is equal to the private marginal benefit. The demand curve for group 1 lies below MC = $200 for all T > 0. With marginal cost equal to $200, only groups 2 and 3 would be willing to pay $200. At that price, 100 hours of programming would be provided. Quantity Demanded Price Group 1 Group 2 Group 3 Horizontal Sum 240 0 0 40 40 220 0 20 50 70 200 0 40 60 100 180 20 60 70 150 160 40 80 80 200 140 60 100 90 250 10. Reconsider the common resource problem as given by Example 18.5. Suppose that crawfish popularity continues to increase, and that the demand curve shifts from C = 0.401 - 0.0064F to C = 0.50 - 0.0064F. How does this shift in demand affect the actual crawfish catch, the efficient catch, and the social cost of common access? (Hint: Use the marginal social cost and private cost curves given in the example.) The relevant information is now the following: Demand: C = 0.50 - 0.0064F MSC: C = -5.645 + 0.6509F. With an increase in demand, the demand curve for crawfish shifts upward, intersecting the price axis at $0.50. The private cost curve has a positive