The city council has just approved the construction of a water park in your town, economics homework help

Sep 2nd, 2016
Sigchi4life
Category:
Other
Price: $10 USD

Question description

Consider the following scenario: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the local economy and the surrounding community.

  • Write a paper of approximately 500 words that addresses the questions below.
    • You know that the water park will increase the traffic flow in the streets around the water park. There are both businesses and neighborhoods adjacent to the increased traffic flow. The cost to the community is estimated to be $6 per person. What kind of externality is this? Why?
  • Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output.
    • What is the per-unit amount of the externality?
    • You know that the water park will have events in the evening. This will increase both foot traffic and street traffic at night. You believe this will improve the safety of the surrounding businesses, with an estimated benefit of $3 per water park attendee. What kind of externality is this? Why?
  • Create a new graph illustrating the market for water park business for these two externalities. Label the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output.
    • What is the per-unit amount of both externalities?
    • Discuss both government and private solutions that would result in an efficient outcome.
  • Format your paper using West Writing Style Handbook guidelines.

  • Tutor Answer

    (Top Tutor) Daniel C.
    (997)
    School: UT Austin
    PREMIUM TUTOR

    Hello, th...

    Studypool has helped 1,244,100 students

    8 Reviews


    Summary
    Quality
    Communication
    On Time
    Value
    darnay
    Dec 5th, 2016
    " The best tutor out there!!!! "
    dontuwannaknow
    Nov 26th, 2016
    " Excellent work as always thanks so much "
    SjSurvivor143
    Nov 12th, 2016
    " Thanks for the help. "
    ddg82
    Nov 3rd, 2016
    " Thanks, good work "
    tinytim47
    Oct 21st, 2016
    " Wow this is really good.... didn't expect it. Sweet!!!! "
    jestin7
    Oct 12th, 2016
    " This tutor is great! "
    mixedballz
    Oct 7th, 2016
    " excellent work as always thanks for the help "
    lilmoe415
    Sep 28th, 2016
    " Thank you, Thank you, for top quality work, this is your guy!! "
    Ask your homework questions. Receive quality answers!

    Type your question here (or upload an image)

    1830 tutors are online

    Brown University





    1271 Tutors

    California Institute of Technology




    2131 Tutors

    Carnegie Mellon University




    982 Tutors

    Columbia University





    1256 Tutors

    Dartmouth University





    2113 Tutors

    Emory University





    2279 Tutors

    Harvard University





    599 Tutors

    Massachusetts Institute of Technology



    2319 Tutors

    New York University





    1645 Tutors

    Notre Dam University





    1911 Tutors

    Oklahoma University





    2122 Tutors

    Pennsylvania State University





    932 Tutors

    Princeton University





    1211 Tutors

    Stanford University





    983 Tutors

    University of California





    1282 Tutors

    Oxford University





    123 Tutors

    Yale University





    2325 Tutors