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Social ScienceSuppose that a mechanic owns a building and is renting part of the building's space to a library. Further suppose that because themechanic is the owner, he has the right to make noise during the day while he fixes cars. While the library cannot insist on a quietenvironment, it could move to a quieter building. However, rent in the next best building is $400/month more than rent in the noisybuilding. The mechanic can adopt a new technology that eliminates the noise for $325/month. Given this situation, can thelibrary find a private solution with the mechanic that will make both better offYes, but then ▼Part 2(2 points)O See HintWhat is the minimum and maximum payment the library would make to the mechanic to get it to installthe noise-reducingequipment? NOTE: Round your answers to the nearest dollar.Minimum:Maximum: $05/15>VIEW SOLUTIONSUBMIT ANSWER4 OF 15 QUESTIONS COMPLETED28MacBook ProFIF9FIOF8F6F7
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Suppose that a mechanic owns a building and is renting part of the building's space to a library. Further suppose that because the mechanic is the owner, he has the right to make noise during the day while he fixes cars. While the library cannot insist on a quiet environment, it could move to a quieter building. However, rent in the next best building is $400/month more than rent in the noisy building. The mechanic can adopt a new technology that eliminates the noise for $325/month. Given this situation, can the library find a private solution with the mechanic that will make both better off Yes, but then ▼ Part 2 (2 points) O See Hint What is the minimum and maximum payment the library would make to the mechanic to get it to installthe noise-reducing equipment? NOTE: Round your answers to the nearest dollar. Minimum: Maximum: $ 05/15> VIEW SOLUTION SUBMIT ANSWER 4 OF 15 QUESTIONS COMPLETED 28 MacBook Pro FI F9 FIO F8 F6 F7
Expert Answer
Part-1
Yes, a private solution shall be made between labrary and mechanic. As the library has to incur the higher monthly rent by $ 400 per month and the mechanic has to incur the expense on technology at the rate of $ 325 per month. In this case, even if the library would pay off any amount equal to or more than $ 325 per month and lesser than $ 400 per month, it would be better off.
Likewise, the mechanic if getting the minimum amount of $ 325 per month will not be under any loss.
Part-2
The Minimum amount which library has to pay is the amount of technology which the mechanic has to bear for controlling the noise pollution.
The ...
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