Suppose three neighbors must vote on installation of a traff

Suppose three neighbors must vote on installation of a traffic light that costs $210. All threewill share the cost of the light – that is, each person will contribute $70 to the installation.Leona values the light at $50; Lionel values the light at $50; and Theo, who drives the most,values the light at $200. a) Explain why the traffic light is a public good. b) Is it efficient for the traffic light to be installed? Why or why not? c) Suppose a majority rule vote is held to determine whether the light should be installed.Will the light be installed? Explain any differences between this result and youranswer in part (b).

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