Lachlan has a Jacaranda growing in his yard. One of the tree limbs is growing over into Dan's property. Dan does not like this and wants Lachlan to chop down the tree. Their respective benefits are shown below: Gains to Lachlan (S) Gains to Dan ($) Total ($) Keeping Tree 1000 100 1100 Chopping Down Tree 500 839 What is the amount that Dan would have to pay Lachlan so that each received half of the total extra gains from chopping down the tree? Answer to the nearest whole number in dollars (with no decimal places, $ sign, spaces or commas).

Lachlan has a Jacaranda growing in his yard. One of the tree limbs is growing over into Dan's property. Dan does not like this and wants Lachlan to chop down the tree. Their respective benefits are shown below: Gains to Lachlan (S) Gains to Dan ($) Total ($) Keeping Tree 1000 100 1100 Chopping Down Tree 500 839 What is the amount that Dan would have to pay Lachlan so that each received half of the total extra gains from chopping down the tree? Answer to the nearest whole number in dollars (with no decimal places, $ sign, spaces or commas).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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