Question: Please provide calculation and justification Table 11-1 Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying
Please provide calculation and justification


Table 11-1 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 following table shows each resident's willingness to pay for each acre of the park. Willingness to Pay Acres (Dollars) Sophia Amber Cedric 10 24 6 18 U 6 14 4 3 w UI N 6 7 0 2 0 Refer to Table 11-1. Suppose the cost to build the park is $24 per acre. How many acres should the park be to maximize total surplus from the park in Springfield?Scenario 10-1 The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 400th gallon of gasoline entails the following: . a private cost of $2.83; . a social cost of $3.12; . a value to consumers of $3.23. Refer to Scenario 10-1. Suppose the equilibrium quantity of gasoline is 440 gallons; that is, QMARKET = 440. Then the equilibrium price of a gallon could be $2.51. $2.63. $3.66. Correct Answer $2.88
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