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Suppose a small town is considering how much effort to put into cleaning up a polluted stream. The town has a population of 10 people, each of whom values the stream cleanup based on MWTP = 5 - 0.5 H, where H is the total number of worker-hours spent cleaning up the stream and MWTP is marginal willingness to pay (in dollars per worker-hour of cleanup). The cleanup costs $8 per worker-hour. What is the efficient number of worker-hours for the cleanup?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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