Miguel, Maria, and Marcos all would like a place to sit while waiting at their children's bus
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Question:
Miguel, Maria, and Marcos all would like a place to sit while waiting at their children's bus stop. The neighborhood association is considering installing several park benches at the bus stop. Miguel values the benches at $20, Maria at $30, and Marcos at $40. The park benches and labor for installation cost $100. If Miguel, Maria, and Marcos are the only residents who value the benches, what should the neighborhood association do?
a. Do not install the park benches because the costs outweigh the benefits.
b. Install the park benches because people like places to sit.
c. Install the park benches because the benefits outweigh the costs.
d. Do not install the park benches to prevent the Tragedy of the Commons problem of overuse.
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