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

question 27

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 following table shows each resident's willingness to pay for each acre of the park.
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-Refer to Table 11-1. Suppose the cost to build the park is $24 per acre. How many acres should the park be to maximize total surplus from the park in Springfield?

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

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Definitions:

Macrosociological

Relates to the study of large-scale society, focusing on the social structures and processes that shape the population.

Symbolic Interactionist

A theoretical perspective in sociology that focuses on the importance of symbols and language as core elements of human interaction.

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Pertaining to positivism, a philosophical system recognizing only that which can be scientifically verified or which is capable of logical or mathematical proof, and therefore rejecting metaphysics and theism.

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