Business, 12.12.2019 05:31 HistoryNerd7225

Bob, jack and norman are the only people living on an island. they are trying to decide whether or not they should build a lighthouse. bob is willing to pay $1000 for one lighthouse, jack is willing to pay $1200 for one lighthouse, and norman is willing to pay $500 for one lighthouse. the cost of providing a lighthouse is $2000. if the lighthouse is a public good, efficiency requires group of answer choices that one lighthouse is built since the willingness to pay of all the residents together is larger than the cost of providing the lighthouse that two lighthouses are built since the willingness to pay of all the residents is larger than the cost of providing the lighthouses that three lighthouses be built, one for each island resident that no lighthouses are built since the willingness to pay of each individual resident is smaller than the cost of provision

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