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kifflom [539]
3 years ago
5

A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as p

lanting trees and remodeling buildings, to make the campus more aesthetically pleasing.
For the students of the college, the visual appearance of the campus is (non-rival/rival) and (non-excludable/excludable). Thus, the visual appearance would be classified as a public good.

Suppose the college administrators estimate that the beautification initiative will cost $8,160. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 490 students, asking each of them their willingness-to-pay for the beautification project. The average willingness-to-pay, as revealed by the survey, is $17.

The benefit of the beatification initiative, as suggested by the survey, is $___. Because the estimated benefit is (less/greater) than the cost, the college administrators (should/should not) undertake the beautification initiative.

The calculation of the benefit of the beatification initiative relied on the ability of the administrators to accurately capture the true willingness-to-pay of each student.

Which of the following scenarios would cause the survey used by the college administrators to yield misleading willingness-to-pay data? Check all that apply.

_ Students are surveyed at random, using conventional survey and data-gathering methods.

_ Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere.
Business
1 answer:
Jet001 [13]3 years ago
7 0

Answer:

Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere.

Explanation:

The visual appearance is both non rival and non excludable I.e. Pure public good

Benefit is 17*490=8.330

Benefit is greater than cost so college administrators should undertake the beautification initiative

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