Reference no: EM1315325

Q. The village of Upper Wigglesworth has a village "commons," a piece of land on which each villager, by law, is free to graze his or her cows. Utilize the common measured in units of the number of cows grazing on it. Assume which each resident has a constant marginal cost of sending cows to graze which is the marginal cost is the same, whether 1 or 10 cows are grazing. Although each additional cow grazed means less grass available for others also the damage done by overgrazing of the commons increases as the number of cows grazing increases. Finally, assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze, since each additional cow has less grass to eat than the previous one.