Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The following table shows each resident's willingness to pay for each acre of the park. Acres 1 2 3 4 5 6 7 Sophia O 0 acres O1 acre 2 acres 10 8 6 3 1 0 0 O3 acres Willingness to Pay (Dollars) Amber Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes?" 24 18 14 8 6 4 2 Cedric 6 5 4 3 2 1 0

Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The following table shows each resident's willingness to pay for each acre of the park. Acres 1 2 3 4 5 6 7 Sophia O 0 acres O1 acre 2 acres 10 8 6 3 1 0 0 O3 acres Willingness to Pay (Dollars) Amber Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes?" 24 18 14 8 6 4 2 Cedric 6 5 4 3 2 1 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

i need both answer
Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.
Figure above shows the Marginal Benefit to a village from harvesting forest land, as well as the Marginal Costs to a nearby City from the harvest. Assuming the Village controls the forest. Without any negotiation between the village and the City, how many acres will be harvested?
The many identical residents of some cities love drinking apple juice. The cost of producing a bottle of apple juice is $5, and the competitive suppliers sell it at this price. Each resident has the following willingness to pay for the tasty refreshment: Quantity Willingness to Pay (Dollars) First bottle 10 Second bottle 8 Third bottle 6. Fourth bottle 4 Fifth bottle 2 Further bottles
4. Four roommates are planning to spend the weekend in their dorm suite watching old olent atsomos movies, and they are debating how many to watch. The table below contains their willingness to pay for each film. 1st film 2nd film 3rd film 4th film 5th film John $7 $6 $5 $4 $3 Paul $5 $4 $3 $2 $1 an rud bas Vedda nowoc 2102 gulden et 150 yebesnbew sho George $3 $2 $1 $0 $0 (nast il qalihe: 0 sx sig Ringo og $2 $1 $0 $0 $0 Taboog dikdug dan one dorld amasi obivond themsvog srl: asobydw 20607 1610A (b 2)99712 vdio (9 it sins 0.6 d. Is there any way to split the cost so that everyone benefits? What problems arise with this plan?
Figure 5-1 Price (dollars per vaccination) $60 50 40 400 600 Supply D, Refer to Figure 5-1. The market equilibrium quantity is O 200 O 400 O 600 O > 600 D₂ Quantity (thousands of vaccinations) Figure 5-1 represents the market for vaccinations. Vaccinations are considered a benefit to society, and the figure shows both the marginal private benefit and the marginal social benefit from vaccinations. thousand vaccinations.
answer plzz...
Question 1 Price $1.90 1.80 1.70- 1.60 1.50 1.35 35 38 42 Supply (Private+ Public Costs) 58 Supply (Private Costs) Quantity Refer to the figure above. This graph represents the tobacco industry. The socially optimal price and quantity are O $1.90 and 38 units, respectively. O $1.80 and 35 units, respectively. O $1.60 and 42 units, respectively. O $1.35 and 58 units, respectively.