Questions 9-13 Refer to Table 8-1.Consider the small village of Axisville with only three residents, Xavier, Yola, and Zachary. Thethree residents are trying to determine how large, in acres, they should build the public park.The table below shows each resident's willingness to pay for each acre of the park (i.e., theirmarginal willingness to pay, NOT total).Table 8-1Marginal willingness to pay for acres of a public parkAcresXavierYolaZachary12526017 020Refer to Table 8-1. Suppose the cost to build the park is $24 per acre (total, not per person).How many acres should the park be to maximize total surplus from the park in Axisville?34$10863.1$241814864$6543

The total cost formula is used to mix the variable and fixed costs of giving goods to compute a…

small village of Axisville with only three residents, Xavier, Yola, and Zacha nts are trying to determine how large, in acres, they should build the publi low shows each resident's willingness to pay for each acre of the park (i.e. ingness to pay, NOT total). willingness to pay for acres of a public park Xavier Yola Zachary $10 8 6 3 1 $24 18 14 8 6 $6 5 4 3 2

small village of Axisville with only three residents, Xavier, Yola, and Zacha nts are trying to determine how large, in acres, they should build the publi low shows each resident's willingness to pay for each acre of the park (i.e. ingness to pay, NOT total). willingness to pay for acres of a public park Xavier Yola Zachary $10 8 6 3 1 $24 18 14 8 6 $6 5 4 3 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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