Consider the following open-access (common property in Hardin's terms) problem. There is a small public beach to which anyone can go. Table 1 below summarizes relevant information. Note that Total WTP is the Total WTP totaled over all visitors, this eventually declines with more visitors due to congestion at the beach. Each visitor will receive an equal share of the Total WTP. The costs of attending is due to travel costs, which are the same for all of the potential visitors. The "Change in Total WTP" is how Total WTP changes with the addition of each visitor. All of the amounts are in $. In the table below, fill in the remaining information before answering the questions that follow. W # of Visitors 1 2 3 4 5 6 B7 8 JO9 10 Total WTP 20 40 60 80 90 96 98 96 90 80 Cost per visitor 11.95 11.95 11.95 11.95 11.95 11.95 11.95 11.95 11.95 11.95 Total Cost 11.95 Change in Total WTP 23.9 35.85 47.8 59.75 71.7 83.65 95.6 107.55A 119.5 Average Average WTP Cost Total WTP- Total cost a) How many people will attend the beach when it is open-access? Explain. What will be the amount of Total Net Benefits (in this case total consumer's surplus)? b) What would be the efficient number of visitors? Explain. What would be the amount of Total Net Benefits (in this case total consumer's surplus)? c) Imagine that the beach was privatized and the new owner (or concessionaire) set an admissions fee. How high of a fee could they set? What would be the amount of total consumer's surplus? What would be the consumer's and producer's surplus? How many people would visit the beach? Explain.