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?
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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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