please explain the answer. thank you. Consider the town of Springfield with only

Question

please explain the answer. thank you.

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. Amber $24 18 14 Acres Cedric S6 Sophia S10 4 4 4 7 14. Refer to Table 11-1. Suppose the cost to build the park is S24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes?" a. 3 acres b. 0 acres c. 2 acres d. 1 acre

Explanation / Answer

Ans 14 The correct option is c i.e. 2 Acres.

Ans 16 The correct option is c i.e. $32.05.

Ans 19 The correct option is b i.e. $5.

Ans 20 The correct option is a i.e. $2.

Ans 27. The correct option is b i.e $144.

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