Determine the socially optimal number of wins

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1. Using the appropriate terminology, explain why public radio stations, which rely on contributions from listeners, always seem to be in financial jeopardy.

2. A home-team baseball victory produces benefits for residents (in terms of hometown pride) that is both nonrival and nonexcludable. The graph below depicts the marginal benefits that Beatrice, Edward, and Charlotte (the residents of a very tiny town indeed) receive from home-team wins. The graph also depicts the marginal costs of achieving each victory.

a. Draw the total marginal benefit received by hometown residents. Graph your result carefully.

b. Determine the socially optimal number of wins. Indicate this amount on your graph.

Reference no: EM131309424

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