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The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).

The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 18RQ: What is deflation?
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QUESTION 4 The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).
Transcribed Image Text:QUESTION 4 The Australian federal government is proposing a 68 million dollar initiative to upgrade the National Archives of Australia. Economists predict that the upgrade would allow the National Archives of Australia to generate an additional 13 million dollars of benefits to society through increased cultural and historical awareness. If only 36 percent of Australia's 25.8 million residents value National Archives, how much does each resident individually need to value the upgrade for this to be an efficient use of funds, taking into account the money generated by cultural and historical research benefits? Answer to the nearest whole dollar per resident (with no decimal points, spaces, $ signs, or commas in your answer).
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