Table 11-1 Consider the Town of Springfield with Only Three Residents, Sophia

question 347

Multiple Choice

Table 11-1
Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three 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.
-Refer to Table 11-1. Suppose the cost to build the park is $9 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus) , what is the largest park size for which the majority of residents would vote "yes?"

• A)1 acre
• B)2 acres
• C)3 acres
• D)4 acres

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Definitions:

Attentional Process

The cognitive procedures that allow an individual to concentrate on specific environmental stimuli while ignoring others, crucial for learning and decision-making.

Imitate

The act of copying or reproducing someone else's behavior, actions, or expressions, often as a method of learning or fitting in.

Self-Efficacy

One's belief in their ability to succeed in specific situations or accomplish a task.

Career Choice

The process of deciding on a path for employment, which involves considering personal interests, skills, values, and the market demand for specific jobs.