Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident's willingness to pay for each acre of the park. The cost to build the park is $21 per acre. The government wants to tax each person $7 to build each acre ($21/3). How many acres will be built if majority rules. Sophia $10 Acres Amber Cedric $24 18 $6 2 3. 14 4. 3. 8. 1 6. 2 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer 3 acres, total surplus $50 b. 2 acres, total surplus $29 2 acres total surplus $125 1 acres total surplus 59

Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident's willingness to pay for each acre of the park. The cost to build the park is $21 per acre. The government wants to tax each person $7 to build each acre ($21/3). How many acres will be built if majority rules. Sophia $10 Acres Amber Cedric $24 18 $6 2 3. 14 4. 3. 8. 1 6. 2 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer 3 acres, total surplus $50 b. 2 acres, total surplus $29 2 acres total surplus $125 1 acres total surplus 59

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Externalities

Section: Chapter Questions

Problem 1PA

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