Bob, jack and norman are the only people living on an island. they are trying to decide whether or not they should build a lighthouse. bob is willing to pay $1000 for one lighthouse, jack is willing to pay $1200 for one lighthouse, and norman is willing to pay $500 for one lighthouse. the cost of providing a lighthouse is $2000. if the lighthouse is a public good, efficiency requires group of answer choices that one lighthouse is built since the willingness to pay of all the residents together is larger than the cost of providing the lighthouse that two lighthouses are built since the willingness to pay of all the residents is larger than the cost of providing the lighthouses that three lighthouses be built, one for each island resident that no lighthouses are built since the willingness to pay of each individual resident is smaller than the cost of provision

1. list five staple convenience goods that you or your household buys on a regular basis. (you do not need to use complete sentences. 2.5 points) 2. list three impulse convenience goods that you or someone you know has purchased. (you do not need to use complete sentences. 2.5 points) 3. describe a shopping good that you or someone you know purchased. what kind of research did you or that person do before buying the product? (1-5 sentences. 3.0 points) 4. choose an example of a company you could start, and decide which business structure would make the most sense for that type of company (sole proprietorship, partnership, llc, c corporation, s corporation, or nonprofit corporation). explain why this structure would be good for this type of company. give at least 3 reasons. (3-6 sentences. 6.0 points) 5. if you were starting a new business, describe at least three departments to the company that you would need right away. why are these departments so important? (1-5 sentences. 3.0 points) 6. describe a product that you think has saturated its market. what makes you think it has saturated its market? (1-5 sentences. 3.0 points)