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

Suppоse yоu were аnаlyzing the use vаlue оf 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?