Draw a graph showing the optimal size of the park

Reference no: EM131021438

Suppose that Jill and Joe are the only two people in the small town of Andover. Andover has land available to build a park of no more than 9 acres. Jill and Joe's demand schedules for the park are as follows:

Joe
Price per Acre	Number of Acres
$10	0
9	1
8	2
7	3
6	4
5	$5
4	$6.00
3	7
2	8
1	9

Jill
Price per Acre	Number of acres
$15	0
14	1
13	2
12	3
11	4
10	5
9	6
8	7
7	8
6	9

The supply curve is as follow:

Price per Acre	Number of acres
$11	1
13	2
15	3
17	4
19	5
21	6
23	7
25	8
27	9

a. Draw a graph showing the optimal size of the park. Be sure to label the curves on the graph.

b. Briefly explain why a park of 2 acres is not optimal. 4.5 Commercial whaling has been described as a modern example of the tragedy of the commons. Briefly explain whether you agree.

Reference no: EM131021438

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