Consider national parks, which can be thought of as a public good, and in particular consider the provision of a specific campground site within a national park. Let Q equal the acres of campground provided to the public. Suppose there are 100 identical consumers characterized by the following maximum willingness to pay: P = 100-Q. Suppose the marginal cost of providing campground acres equals 50 dollars. Answer the next two questions: 19. What is the socially optimal number of acres for this campground assuming the government is in charge of providing it to the public? A. 10 B. 50 C. 99.5 D. None of the above

Consider national parks, which can be thought of as a public good, and in particular consider the provision of a specific campground site within a national park. Let Q equal the acres of campground provided to the public. Suppose there are 100 identical consumers characterized by the following maximum willingness to pay: P = 100-Q. Suppose the marginal cost of providing campground acres equals 50 dollars. Answer the next two questions: 19. What is the socially optimal number of acres for this campground assuming the government is in charge of providing it to the public? A. 10 B. 50 C. 99.5 D. None of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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