Three housemates near Caulfield value a shared kitchen appliance at 12, 8, and 5. Once purchased, all can use it without reducing others' benefits. It costs 22. Which statement is correct?

Question

Answer

Provision is efficient only if each housemate pays 22

Answer

Total benefit is the highest individual value, 12

Answer

Provision is inefficient because each individual value is below 22

Answer

Provision is efficient because total benefit is 25

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Three housemates near Caulfield value a shared kitchen appliance at 12, 8, and 5...

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