There are three types of people in the town of Santa Rarbara: 18 type A, 25 type B, and 14 type C. Everyone in the town loves public gardens. Each type A person is willing to pay 4 per acre of garden, each type B is willing to pay 9, and each type C is willing to pay 3. The marginal cost of providing G acres of garden is 9G . What is the Pareto Efficient garden area? Round your answer to 2 decimal points. Answer: Suppose that it costs $500 per day to search for chanterelle mushrooms at Pt. Reyes National Seashore. On an average day, the total weight of mushrooms M found at Pt. Reyes is M = 100x – x² pounds ,where x is the number of people mushroom hunting on that day. Chanterelles can be sold for $50 per pound. How many more people will go mushroom hunting than is socially optimal? Answer:
There are three types of people in the town of Santa Rarbara: 18 type A, 25 type B, and 14 type C. Everyone in the town loves public gardens. Each type A person is willing to pay 4 per acre of garden, each type B is willing to pay 9, and each type C is willing to pay 3. The marginal cost of providing G acres of garden is 9G . What is the Pareto Efficient garden area? Round your answer to 2 decimal points. Answer: Suppose that it costs $500 per day to search for chanterelle mushrooms at Pt. Reyes National Seashore. On an average day, the total weight of mushrooms M found at Pt. Reyes is M = 100x – x² pounds ,where x is the number of people mushroom hunting on that day. Chanterelles can be sold for $50 per pound. How many more people will go mushroom hunting than is socially optimal? Answer:
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: Public Goods And Common Resources
Section: Chapter Questions
Problem 2PA
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