Table 11-1 Consider the Town of Tritown with Only Three Residents,Ed,Jim,and Tony.The

question 155

Multiple Choice

Table 11-1
Consider the town of Tritown with only three residents,Ed,Jim,and Tony.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 $30 per acre and that the residents have agreed to split the cost of building the park equally.If the residents decide to build a park with size equal to the number of acres that maximizes total surplus from the park,how much total surplus will Jim receive?

• A) -$2
• B) $2
• C) $6
• D) $10

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Definitions:

Perceptual Agnosia

A condition in which a person can see objects but cannot recognize them.

Perceptual Inversion

Perceptual Inversion describes a visual phenomenon where an image is seen as upside down or reversed in orientation due to certain manipulation or conditions.

Just Noticeable Difference

The smallest difference in intensity or stimulus strength that a human can detect between two stimuli, also known as the difference threshold.

Decibels

A unit of measurement used to express the intensity of sound, indicating the pressure level of sound waves.