The following table gives hypothetical annual total costs and total benefits of

Question

The following table gives hypothetical annual total costs and total benefits of maintaining alternative populations of Asian elephants. Calculate the marginal coots of maintaining alternative elephant populations in the table below. (Enter numeric responses using integers.) Calculate the marginal benefits of maintaining alternative elephant populations in the table below. Given the data, what it the socially optimal world population of Asian elephants? elephants. Suppose that two events occur simultaneously Technological development allows machines to do more efficiently much of the work that elephants once did, which reduces by $5 million the marginal benefit of maintaining the elephant population for each 7.500 increment in the elephant population In addition, new techniques for breeding, feeding, and protecting elephants reduce the marginal cost of maintaining the elephant population by $25 million for each 7, 500 increment in the elephant population. What is the new socially optimal population of Asian elephants? Asian elephants.

Explanation / Answer

Its 30000 level as optimal as at this level. marginal cost is equal to marginal benefit.

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