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A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing.s and Thus, the visual appearance would For the students of the college, the visual appearance of the campus is be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $12. The benefit of the beautification initiative, as suggested by the survey, is $ . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification initiative relied on the ability of the administrators to capture the true willingness to pay of each student accurately. Which of the following scenarios would cause the survey used by the college administrators to yield misleading data on willingness to Check all that apply. O Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere, O An equal number of male and female students were surveyed.

A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing.s and Thus, the visual appearance would For the students of the college, the visual appearance of the campus is be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $12. The benefit of the beautification initiative, as suggested by the survey, is $ . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification initiative relied on the ability of the administrators to capture the true willingness to pay of each student accurately. Which of the following scenarios would cause the survey used by the college administrators to yield misleading data on willingness to Check all that apply. O Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere, O An equal number of male and female students were surveyed.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter12: Environmental Protection And Negative Externalities
Section: Chapter Questions
Problem 10SCQ: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the...
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4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing.s and Thus, the visual appearance would For the students of the college, the visual appearance of the campus is be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $12. The benefit of the beautification initiative, as suggested by the survey, is $ Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification initiative relied on the ability of the administrators to capture the true willingness to pay of each student accurately. Which of the following scenarios would cause the survey used by the college administrators to yield misleading data on willingness to pay? Check all that apply. O Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere. O An equal number of male and female students were surveyed.
Transcribed Image Text:4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing.s and Thus, the visual appearance would For the students of the college, the visual appearance of the campus is be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $2,040. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 420 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $12. The benefit of the beautification initiative, as suggested by the survey, is $ Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification initiative relied on the ability of the administrators to capture the true willingness to pay of each student accurately. Which of the following scenarios would cause the survey used by the college administrators to yield misleading data on willingness to pay? Check all that apply. O Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere. O An equal number of male and female students were surveyed.
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