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

Answer:

#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.

Explanation:

Answer 2

I don't have the last answer, but here are the rest of them

1.  What economic question(s) does this case require the town to ask? (2 points) 

a.           Should the dog park be built?

b.           Should the schools be expanded?

c.           Should the land be sold to the man who wants to build luxury homes?

 

2.  List the possible resources that the town would need to construct and maintain the park. (2 points)

a.           Fencing.

b.           Waste bag dispensers

c.           Playground-like area

 

3.  What town resource(s) are scarce? (1 points)

a.           money 

b.           material

 

4.  Who will be the consumers using this public good? (2 points) 

a.           The public who own dogs

b.           7,000 registered dogs

c.           Unknown amount of unregistered dogs.

 

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)

a.            What if the dog park is built, and is unused?

b.           What if the land is sold to build luxury homes, and they are too    expensive to be bought/rented?

c.           What if the school is expanded, and isn’t filled?

d.            

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)

 

Pro’s Con’s The dog park offers space for dogs. What if land is wasted? Gives dog owners a space of their own to interact with their pets. What if the luxury homes deal was better? Having the extra park space will make the town to be more family and pet friendly. What about the cost to build it? Could attract more families, along with their dogs. Money for school expansion will be lost.

 

 

 

 

9.  How could the town government counteract the negative externalities? (3 points) 

a.           The building of the park will be used by over 7,000 registered dogs and their owners, and that means that there will be much money made.