1. (20 pts) Suppose that the city of Phoenix has started a new sustainability program, and...

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1. (20 pts) Suppose that the city of Phoenix has started a new sustainability program, and that they are trying to decide how to spend their budget in the first year. After reviewing proposals, the city decides that they will either i) extend the light rail or ii) improve the functioning and uptake of its residential composting program. Extending the light rail is expected to provide several benefits including reduced traffic, cleaner air, and better access to transit for low-income populations. But, the project will involve considerable noise and traffic delays due to construction. Improving the composting program would help reduce the city's waste stream and also lead to emissions reductions. The city also received a proposal for a plan to convert all city-owned vehicles to electric, but that project was deemed infeasible. If the city decides to extend the light rail, what is included in the opportunity cost? Explain. 1. (20 pts) Suppose that the city of Phoenix has started a new sustainability program, and that they are trying to decide how to spend their budget in the first year. After reviewing proposals, the city decides that they will either i) extend the light rail or ii) improve the functioning and uptake of its residential composting program. Extending the light rail is expected to provide several benefits including reduced traffic, cleaner air, and better access to transit for low-income populations. But, the project will involve considerable noise and traffic delays due to construction. Improving the composting program would help reduce the city's waste stream and also lead to emissions reductions. The city also received a proposal for a plan to convert all city-owned vehicles to electric, but that project was deemed infeasible. If the city decides to extend the light rail, what is included in the opportunity cost? Explain. 1. (20 pts) Suppose that the city of Phoenix has started a new sustainability program, and that they are trying to decide how to spend their budget in the first year. After reviewing proposals, the city decides that they will either i) extend the light rail or ii) improve the functioning and uptake of its residential composting program. Extending the light rail is expected to provide several benefits including reduced traffic, cleaner air, and better access to transit for low-income populations. But, the project will involve considerable noise and traffic delays due to construction. Improving the composting program would help reduce the city's waste stream and also lead to emissions reductions. The city also received a proposal for a plan to convert all city-owned vehicles to electric, but that project was deemed infeasible. If the city decides to extend the light rail, what is included in the opportunity cost? Explain. 1. (20 pts) Suppose that the city of Phoenix has started a new sustainability program, and that they are trying to decide how to spend their budget in the first year. After reviewing proposals, the city decides that they will either i) extend the light rail or ii) improve the functioning and uptake of its residential composting program. Extending the light rail is expected to provide several benefits including reduced traffic, cleaner air, and better access to transit for low-income populations. But, the project will involve considerable noise and traffic delays due to construction. Improving the composting program would help reduce the city's waste stream and also lead to emissions reductions. The city also received a proposal for a plan to convert all city-owned vehicles to electric, but that project was deemed infeasible. If the city decides to extend the light rail, what is included in the opportunity cost? Explain.