Question
Suppose that 1,000 people are surveyed regarding their valuation of the benefits of a proposed project...
Suppose that 1,000 people are surveyed regarding their valuation of the benefits of a proposed project to remediate a former industrial site - that is, to remove some of the contaminants from the site, and to make the site suitable for some other use. The actual cost of clean-up is equal to $4 per person. The survey reveals the following results: 250 people receive $10 in value from the cleanup, 250 people receive $8 in value from the cleanup, 250 people receive $6 in value from the cleanup, 250 people receive $4 in value from the cleanup.
b. What would be the consumer surplus from the project?
Answers
Total valuation of the proposed clean-up project = Total valuation equal to total value people associate=
(250
10+250
Consumer surplus from the project = extra value over the cost i.e 7000-(4
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