Question

1. What economic question(s) does this case require the town to ask? (2 points) 2. List the possible resources that the town would need to construct and maintain the park. (2 points) 3. What town resource(s) are scarce? (1 points) 4. Who will be the consumers using this public good? (2 points) 5. What is the opportunity cost of building this park? Explain. (5 points) 6. Identify at least one pro and one con for each of the following options: (5 points) a. leaving the land undeveloped b. selling the land to real estate developers to build homes 7. What, if any, market failures might exist in this town? Explain. (3 points) 8. Create a chart that identifies the positive and negative externalities of building the park. Explain the effect of each externality. (Hint: You may use the charts on pp. 64−65 as a guideline.) (6 points) 9. How could the town government counteract the negative externalities? (3 points) 10. Based on your studies of Unit 1, write a persuasive argument for or against the construction of the dog park. Provide a minimum of three supporting details and elaborate on each to support your position. Your answer should include economic terms when appropriate and should be written in paragraph form. (16 points)

Answer 1

#5 - About 625,000 for just the five acers of land itself, not including the costs of construction materials and workers.

I added together the land for acers, assuming the question is asking how much it would possibly cost. So basically 125,000 x 5 = 625,000, and it could be more considering the fact that workers and materials cost money.

Step-by-step explanation: