Table 11-1 Consider the Town of Anywhere with Only Three Residents, Mary

question 168

Multiple Choice

Table 11-1
Consider the town of Anywhere with only three residents, Mary, Bill, and Tricia. 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 $33 per acre.How many acres should the park be to maximize total surplus from the park in Anywhere?

• A) 2 acres
• B) 3 acres
• C) 4 acres
• D) 5 acres

---

Definitions:

Verification

The act of confirming the authenticity, correctness, or legitimacy of something.

Nominal Group Method

A structured form of group decision-making where individual members anonymously write down their ideas, which are then discussed and ranked to make a decision.

Hitchhike

The act of traveling by getting free rides in passing vehicles, often seen as an adventurous and economical way of traveling.

Phrases

A collection of words that express a concept or part of a sentence.