Asked by Colton Weatherwax on Jul 04, 2024
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(Table: Externalities from Parks) Use: Table: Externalities from Parks.The table shows the marginal social benefit and the marginal social cost of preserving various amounts of land in a city for a public park.Suppose that parks result in positive benefits to the community as a whole but that the marginal private benefit that any one individual in the community gets from parks is close to 0.The socially optimum amount of land dedicated to the public park will be _____ acres.
A) 0
B) 1
C) 3
D) 9
Socially Optimum
The ideal level of production or consumption from the perspective of society as a whole, where social welfare, including both costs and benefits, is maximized.
Public Park
A region designated for the enjoyment and recreation of people or for safeguarding wildlife and natural habitats, consisting of natural, semi-natural, or intentionally planted spaces.
- Analyze cases to delineate the socially optimum quantities of public goods and externalities.
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Learning Objectives
- Analyze cases to delineate the socially optimum quantities of public goods and externalities.
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