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There are 750,000 residents in a city. Based on a government poll, they fall within three...

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Economics

There are 750,000 residents in a city. Based on a governmentpoll, they fall within three groups regarding their willingness topay for the construction of a park.

- 200,000 of the residents are not willing to pay for the parkat all,

- 250,000 residents are willing to pay $12,

- 300,000 are willing to pay $100.

The cost of the park will be $15 million. Should it be built?Why or why not?

Would this answer change if the only way to pay for it is todivide the cost equally across each of the 750,000 residents? Whyor why not?

Answer & Explanation Solved by verified expert
3.5 Ratings (358 Votes)
Sum of the revenue generated is 33 Million from the resident Number of Residents Willing to Pay Total Revenue they generate 200000 0 250000 12 3000000 300000 100 30000000 Total    See Answer
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