The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).

The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 9RQ: In what ways (it) company investments in research and development create positive externalities?

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