Suppose you were analyzing the use value of a public beach,…

Suppose you were analyzing the use value of a public beach, and controlling for income, age, preferences, and everything else that might affect beach visits, you have gathered the following data: Travel Cost Number of day trips/year $0 50 $30 20 $49 1 $50 0   a.  (12 points) If there are 1000 people in each of the three travel cost categories ($0, $30, $49), what is the approximate total consumer surplus arising from day trips to this beach? b.  (8 points) Your boss needs help evaluating a decision to close this particular beach in order to preserve habitat for an endangered sea bird called a plover that inhabits only this stretch of beach. From a CV study you know that US citizens are willing to pay (WTP) $1,500,000/year  to preserve the plover.  Based on your analysis, do you conclude that protecting the plover is efficient?

A cellular phone company offers several different service op…

A cellular phone company offers several different service options. One option, for people who plan on using the phone only in emergencies, costs the user $4.20/month plus $0.57/min for each minute the phone is used. Write a linear function for the monthly cost y of the phone in terms of the number of minutes x the phone is used. [a] Use the function to find the cost of using the cellular phone for 11 minutes in 1 month. [b]

Use the compound interest formula A = P(1 + r/n)nt, where P…

Use the compound interest formula A = P(1 + r/n)nt, where P is the amount deposited, A is the value of the money after t years, r is the annual interest rate as a decimal, and n is the number of compounding periods per year. A computer network specialist deposits $2500 into a retirement account that earns 7.5% annual interest, compounded daily. What is the value of the investment after 20 years? (Round your answer to two decimal places.) Answer: _______