The Table Contains Data on the Marginal Cost and Willingness-To-Pay

question 154

Essay

The table contains data on the marginal cost and willingness-to-pay of individuals A and B for acres of public parkland next to their town. What is the total demand for parkland and what is the socially optimal amount of land that should be set aside? Use a graph to support your response.
$\begin{array}{|r|c|c|c|c|}\hline {D_{A}} & &{D_{s}} & \\\hline \text { Quantity } & \begin{array}{c}\text { A's } \\\text { Willingness- } \\\text { to-Pay }\end{array} & \text { Quantity } & \begin{array}{c}\text { B's Willingness- } \\\text { to-Pay }\end{array} & \text { Marginal Cost } \\\hline 0 & \$ 40 & 0 & \$ 30 & - \\\hline 100 & \$ 30 & 100 & \$ 15 & \$ 10 \\\hline 200 & \$ 20 & 200 & \$ 0 & \$ 20 \\\hline 300 & \$ 10 & 300 & \$ 0 & \$ 40 \\\hline 400 & 50 & 400 & \$ 0 & \$ 70 \\\hline\end{array}$

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