(Table: Neighborhood Playground) the Willingness to Pay for a New

question 79

Essay

(Table: Neighborhood Playground) The willingness to pay for a new neighborhood playground is shown in the table. The marginal cost of providing the playground is MC = 300 + 0.5Q, where Q is square feet. What is the efficient quantity of the good?

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Definitions:

Quantity Demanded

Refers to the specific amount of a good or service that buyers are willing to purchase at a given price, at a specific point in time.

Perfectly Inelastic Supply

A market scenario where the quantity supplied is completely unresponsive to price changes at all price levels.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity supplied, typically upward sloping reflecting higher prices incentivizing more supply.

Perfectly Elastic

A market condition in which demand or supply for a good or service is infinitely sensitive to changes in price, leading to immediate adjustments.