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).
You can hire someone to answer this question! Yes, essay96.com has paper writers dedicated to completing research and summaries, critical thinking tasks, essays, coursework, and other homework tasks. It's fast and safe.