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 Ed receive?
Definitions:
Exercise Price
The exercise price is the price at which an option holder can buy (call option) or sell (put option) the underlying security or commodity.
Incentive Scheme
A plan or program designed to motivate and reward employees in order to improve their performance and productivity.
High Quality Automotive Repair
The provision of superior services in fixing and maintaining vehicles to ensure optimal performance.
Market Price
The current price at which an asset or service can be bought or sold in a given market.
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