6. A residential community has 100 residents who are concerned about security. The accompanying table gives the total co

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6 A Residential Community Has 100 Residents Who Are Concerned About Security The Accompanying Table Gives The Total Co 1 (40.13 KiB) Viewed 37 times

6. A residential community has 100 residents who are concerned about security. The accompanying table gives the total cost of hiring a 24-hour security service as well as each individual resident's total benefit. (15 points) Quantity of Security Total Cost Total individual Individual Marginal Marginal Social Guards benefit to each Benefit for Each Benefit resident Resident 0 SO $0 1 150 10 2 300 16 3 450 18 4 600 19 a. Explain why the security service is a public good for residents of the community. b. Calculate the marginal cost, the individual marginal benefit for each resident, and th marginal social benefit c. If an individual resident were to decide about hiring and paying for security guards on his or her own, how many guards would the resident hire? d. If the residents act together, how many security guards will they hire?