Voluntary contributions toward a public good Janet and Megan are considering contributing toward the creation of a botanical garden. Each can choose whether to contribute $400 to the botanical garden or to keep that $400 for a new suit. Since a botanical garden is a public good, both Janet and Megan will benefit from any contributions made by the other person. 5 pecifically, every dollar that either one of them contributes will bring each of them $0,80 of benefit. For example, If both Janet and Megan choose to contribute, then a total of $800 would be contributed to the botanical garden. So, Janet and Megan would each recelve $640 of benefit from the botanical garden, and their combined benefit would be $1,280. This is shown in the upper left cell of the first table. Since a new suit is a private good, if Janet chooses to spend $400 on a new suit, Janet would get $400 of benefit from the new suit and Megan wouldn't receive any benefit from Janet's choice. If Janet stili spends $400 on a new suit and Megan chooses to contribute $400 to the botanicai garden, Janet would still receive the $320 of benefit from Megan's generosity. In other words, If Janet decides to keep the $400 for a new suit and Megan decides to contribute the $400 to the public project, then Janet would receive a total benefit of $400+$320=$720, Megan would recelve a total benefit of $320, and their combined benefit would be $1,040. This is shown in the lower left cell of the first table. Complete the following table, which shows the combined benefits of Janet and Megan as previousiy described. Of the four cells of the table, which gives the greatest combined benefits to Janet and Megan? When both Janet and Megan contribute to the botanical garden When neither Janet nor Megan contributes to the botanical garden When Janet contributes to the botanical garden and Megan doesn't, or vice versa Of the four celis of the table, which gives the greatest combined benefits to Janet and Megan? When both. Janet and Megan contribute to the botanical garden When neither Janet nor Megan contributes to the botanical garden When Janet contributes to the botanical garden and Megan doesn't, or vice versa Now, consider the incentive facing Janet individually. The following table looks similar to the previous one, but this time, it is partially completed with the individual benefit data for Janet. As shown previousiy, if both Janet and Megan contribute to a public good, Janet recelves a benefit of $640. On the other hand, if Megan cohtributes to the botanical garden and Janet does not, Janet recelves a benefit of $720. Complete the right-hand column of the following table, which shows the individual benefits of tanet. Hint: You are not required to consider the benefit of Megan, If Megan decides to contribute to the botanical garden, Janet would maximize her benefit by choosing to the botanical garden. On the other hand, if Megan decides not to contribute to the botanical garden, Janet would maximize her benefit by choosing to the botanical garden. These resuits ilisstrate