Consider the town of Evergreen which has only four residents: Ben, James, Mary, and Lydia. The four are trying to determine how many hours to spend cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours John James Mary Lydia 1 $30 $50 $40 $10 $25 $40 $36 $9 $20 $30 $30 $8 4 $15 $20 $22 $7 $10 $10 $12 $6 $5 $0 $0 $5 Suppose the cost to clean the lake is $40 per hour. How many hours should be spent cleaning the lake to maximize total surplus for the residents in Evergreen? O Two Five Four Three Six
Consider the town of Evergreen which has only four residents: Ben, James, Mary, and Lydia. The four are trying to determine how many hours to spend cleaning up the public lake. The table below shows each resident's willingness to pay for each hour of cleaning. Hours John James Mary Lydia 1 $30 $50 $40 $10 $25 $40 $36 $9 $20 $30 $30 $8 4 $15 $20 $22 $7 $10 $10 $12 $6 $5 $0 $0 $5 Suppose the cost to clean the lake is $40 per hour. How many hours should be spent cleaning the lake to maximize total surplus for the residents in Evergreen? O Two Five Four Three Six
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 9SCQ: The rows in Table 12.7 show three market-oriented tools for reducing pollution. The columns of the...
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