ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Imagine any number of visitors can enter Umstead Park at no charge. The value of a trip (V) as a function of the number of visitors (N) is:
V = 52 − 4N.
The marginal value (MV) of a trip is:
MV = 52 − 8N.
Each visitor's travel costs to the park (C) are $4.
Assuming the park remains free and open to all, we would expect how many visitors to the park?
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