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Table 11-5
A small island off the coast of Cape Cod contains two restaurants and two retail stores. Tourists need to take a ferry boat to reach the island, but with a recent slowdown in the economy, tourists are less willing to pay for the boat ride to visit the island. The owners of the restaurants and stores on the island - Restaurants 1 and 2, and Stores A and B - think that if tourists could ride the ferry for free, they would be happy to visit the island, eat and shop. The business owners are considering contributing to a pool of money that will be used to pay for roundtrip ferry service each day. The table represents their willingness to pay, that is, the maximum amount that each business owner is willing to contribute, per day, to pay for each ferry trip.
-Refer to Table 11-5. Suppose the cost to run the ferry for each roundtrip is $750 per day and the 4 business owners have agreed to split the costs of the ferry trips equally. How many ferry trips would the owner of Restaurant 1 prefer to have?
1650s and 1660s
A period in the 17th century marked by significant historical events, including the English Civil War's aftermath and the beginning of the Restoration era.
Legal Status
The condition of being recognized or categorized by law, typically affecting an individual's or entity's rights and duties.
Carolina
A region in the United States, historically divided into North and South Carolina, known for its roles in the colonial period, slavery, and the Civil War.
Slave Patrols
Organized groups of white men who monitored and enforced discipline upon black slaves in the antebellum U.S. South.
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