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

question 63

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 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 Amber receive?

• A)$0
• B)$26
• C)$32
• D)$56

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Definitions:

Critical Period

A specific time during an organism's development during which the presence or absence of certain experiences has a profound and irreversible effect on the development of specific skills or knowledge.

Cohort

A group of people born at around the same time in the same place.

Unconscious

Pertaining to the part of the mind that is inaccessible to the conscious mind but that affects behaviors and emotions.

Superego

In psychoanalytic theory, the part of the mind that acts as a self-critical conscience, reflecting social standards learned from parents and authority figures.