! A train track runs through a rancher's land. Each time a train runs on the track, it causes one of therancher's cows to run away, resulting in a loss of $200 to the rancher. The following table gives thetrain operator's total revenue and costs per number of trains she runs through the land.Trains run Operator revenue ($) Operator costs135010070020031,0501,40040047001,7502,1001,1001,60056PART A: What is the socially optimal number of trains run?PART B: Now suppose that the train operator has property rights. Assuming no negotiation ispossible, how many trains will she choose to run?PART C: Now suppose that the operator and the rancher can negotiate (and that negotiation iscostless). What is the least the operator would accept to run the socially optimal number of trainsfrom part A? What is the most the rancher would offer?PART D: Finally, suppose that in order to negotiate the operator and rancher must hire a lawyer.The lawyer's fees are $300. Will they still negotiate? Why or why not?

Answered: PART A: What is the socially optimal…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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