[SOLVED] Public Economics
Two individuals have identical utility functions defined on X, a private good (cookies), and F, a public good (fireworks). Define as F = F1 + F2 where Fi the contribution of individual i, and Ui = log(6Xi)+log(F1 +F2) with budget Xi + 3Fi = 120.(a) Find the socially optimal level of contributions to the public good.(b) Find the individually optimal level of contributions to the public good. For more information on Public Economics read this: https://en.wikipedia.org/wiki/Public_economics
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