A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is nonrival and nonexcludable. Thus, the visual appearance would be classified as a public good.Suppose the college administrators estimate that the beautification initiative will cost $7,200. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 300 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $18.The benefit of the beautification initiative, as suggested by the survey, is (enter numerical value) $Because the estimates benefit is (less/ greater) than the cost, the college administrators (should/should not) undertake the beautification initiative.

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08-12-2022
Business

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A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is nonrival and nonexcludable. Thus, the visual appearance would be classified as a public good.Suppose the college administrators estimate that the beautification initiative will cost $7,200. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 300 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $18.The benefit of the beautification initiative, as suggested by the survey, is (enter numerical value) $Because the estimates benefit is (less/ greater) than the cost, the college administrators (should/should not) undertake the beautification initiative.

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contexto1028 contexto1028 · Answer 1 · 2022-12-22T18:57:57+01:00

A local college is considering whether to carry out a variety of campus beautification projects, such as tree planting.

In economics, public goods are unique because their benefits can be enjoyed by those who have not paid for them and everyone shares in their benefits.

Many people are aware that they are free to use because of their characteristics. Financial experts call those individuals free riders.

A local college is considering whether to launch a campus beautification initiative that would involve a variety of projects, such as building remodeling and tree planting, to improve campus appeal. Therefore, the campus's visual appearance is non-rival and non-excludable for college students. As a result, the appearance would be considered a public good.

This indicates that the remodel will benefit everyone equally, including those who did not pay for it.

According to the survey, the benefit of the beatification initiative is $3,300. The beautification project should not be undertaken by college administrators because the estimated benefit is less than the cost.

The benefit is calculated by multiplying $11 x 300, or the average benefit for each person surveyed, by the number of people surveyed.

The marginal cost: The college should not finish the project. More than the marginal benefit is $4,400: $3,300.

O A survey was conducted with equal numbers of male and female students. X Students believe that the initiative's funds will not be used elsewhere if it fails.

To learn more about public goods here:

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