Table 11-1 Consider the Town of Springfield with Only Three Residents, Sophia

question 295

Multiple Choice

Table 11-1
Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. 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 $24 per acre. How many acres should the park be to maximize total surplus from the park in Springfield?

• A)1 acres
• B)2 acres
• C)3 acres
• D)4 acres

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Definitions:

Corporate Culture

The shared values, behaviors, and beliefs that determine how a company's employees and management interact and handle business transactions.

Artifacts

Objects or items that are created by human beings, typically reflecting cultural or historical periods.

Problem Solving

The process of identifying a problem, developing possible solution paths, and taking the appropriate course of action to address the underlying issue.

Ethical Decision-Making

The method of assessing and selecting between options in a way that aligns with moral guidelines.