Suppose Demand for a Public Park (Assume It Is a Pure

question 9

Essay

Suppose demand for a public park (assume it is a pure public good)for two groups of consumers (A and B)is given by:
Q_A = 12 - 2P
Q_B = 8 - P
where Q is the number of hectares each group would like to see incorporated into the park.If the marginal cost to provide the park is a constant $9.50/ha,what is the socially efficient number of hectares for the park?

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Definitions:

Migration

The movement of people from one place to another, which can be within a country or across international borders, often in search of better living conditions or employment.

Educated People

Individuals who have acquired knowledge, skills, and learning through formal education systems, extending often to higher or tertiary education.

Emigrant Remittances

Funds that migrants send back to their home countries, often to support family members or invest in development projects.

India

A country in South Asia, known for its diverse geography, cultural heritage, and as the world's largest democracy by electorate.