Action No Recycling Recycling Chemical Lab (Dollars) 2,400 2,100 Profit Water Park (Dollars) 1,100 1,900 Total (Dollars) Total economic profit is highest when the recycling production method is When the chemical lab uses the recycling method, the water park earns $1,900 - $1,100 $800 more per week than it does with no recycling. Therefore, the water park should be willing to pay up to $800 per week for the chemical lab to recycle water. However, the recycling method decreases the chemical lab's economic profit by $2,400-$2,100 = $300 per week. Therefore, the chemical lab should be willing to use the recycling method if it is compensated with at least $300 per week. Suppose the water park has the property rights to the lake. That is, the water park has the right to a clean (unpolluted) lake. In this case, assuming the two firms can bargain at no cost, the chemical lab will the recycling method and will pay the water park

Action No Recycling Recycling Chemical Lab (Dollars) 2,400 2,100 Profit Water Park (Dollars) 1,100 1,900 Total (Dollars) Total economic profit is highest when the recycling production method is When the chemical lab uses the recycling method, the water park earns $1,900 - $1,100 $800 more per week than it does with no recycling. Therefore, the water park should be willing to pay up to $800 per week for the chemical lab to recycle water. However, the recycling method decreases the chemical lab's economic profit by $2,400-$2,100 = $300 per week. Therefore, the chemical lab should be willing to use the recycling method if it is compensated with at least $300 per week. Suppose the water park has the property rights to the lake. That is, the water park has the right to a clean (unpolluted) lake. In this case, assuming the two firms can bargain at no cost, the chemical lab will the recycling method and will pay the water park

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 6SQ

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