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?
Definitions:
Days
Units of time equal to 24 hours, representing the time it takes for Earth to complete one full rotation on its axis.
Sleep
A naturally recurring state of mind and body characterized by altered consciousness, reduced sensory activity, and inhibited voluntary muscle activity.
Death
The cessation of all biological functions that sustain a living organism, marking the end of life.
Days
Units of time equivalent to 24 hours, representing the approximate period it takes for the Earth to complete one rotation on its axis.
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