The following table displays hypothetical annual total costs and total benefits of conserving wild tigers at several possible worldwide tiger population levels. Calculate the marginal costs and benefits and fill in the values in the table below. Population of Wild Tigers 0 2,500 4,500 6,500 8,500 10,500 12,500 Total Cost ($ millions) 0 30 40 55 80 115 170 Marginal Cost 12,000 5,000 17,500 27,500 Total Benefit ($ millions) 60 110 150 180 205 225 235 Marginal Benefit 20,000 15,000 12,500 Given the data, what is the socially optimal world population of wild tigers? Suppose that tiger farming is legalized. This has the effect of reducing the marginal cost of tiger conservation by $7,500 million for each tiger population increment in the table. What is the new socially optimal population of wild tigers?

The following table displays hypothetical annual total costs and total benefits of conserving wild tigers at several possible worldwide tiger population levels. Calculate the marginal costs and benefits and fill in the values in the table below. Population of Wild Tigers 0 2,500 4,500 6,500 8,500 10,500 12,500 Total Cost ($ millions) 0 30 40 55 80 115 170 Marginal Cost 12,000 5,000 17,500 27,500 Total Benefit ($ millions) 60 110 150 180 205 225 235 Marginal Benefit 20,000 15,000 12,500 Given the data, what is the socially optimal world population of wild tigers? Suppose that tiger farming is legalized. This has the effect of reducing the marginal cost of tiger conservation by $7,500 million for each tiger population increment in the table. What is the new socially optimal population of wild tigers?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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