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The following table displays hypothetical annual total costs and total benefits of conserving wild tigers at several possible worldwide tiger population levels.
Population of
Total Cost
Total Benefit
Wild Tigers
($ millions)
0
40
2,000
25
90
4,000
35
130
6,000
50
160
8,000
75
185
10,000
110
205
12,000
165
215
a. Calculate the marginal costs and benefits.
b. Given the data, what is the socially optimal world population of wild tigers?
c. Suppose that tiger farming is legalized and that this has the effect of reducing the marginal cost of tiger conservation by $15 million for each 2,000-tiger population increment in the table. What is the new socially optimal population of wild tigers?
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