Consider the town of Evergreen which has only four residents: Ben, James, Mary, and Lydia. The four are trying to determine how many hours to spend cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours John James Mary Lydia 1 $30 $50 $40 $10 $25 $40 $36 $9 $20 $30 $30 $8 4 $15 $20 $22 $7 $10 $10 $12 $6 $5 $0 $0 $5 Suppose the cost to clean the lake is $40 per hour. How many hours should be spent cleaning the lake to maximize total surplus for the residents in Evergreen? O Two Five Four Three Six

Consider the town of Evergreen which has only four residents: Ben, James, Mary, and Lydia. The four are trying to determine how many hours to spend cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours John James Mary Lydia 1 $30 $50 $40 $10 $25 $40 $36 $9 $20 $30 $30 $8 4 $15 $20 $22 $7 $10 $10 $12 $6 $5 $0 $0 $5 Suppose the cost to clean the lake is $40 per hour. How many hours should be spent cleaning the lake to maximize total surplus for the residents in Evergreen? O Two Five Four Three Six

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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