Suppose that Jill and Joe are the only two people in the small town of Andover. Andover has land available to build a park of no more than 9 acres. Jill and Joe's demand schedules for the park are as follows:
| Joe |
| Price per Acre |
Number of Acres |
| $10 |
0 |
| 9 |
1 |
| 8 |
2 |
| 7 |
3 |
| 6 |
4 |
| 5 |
$5 |
| 4 |
$6.00 |
| 3 |
7 |
| 2 |
8 |
| 1 |
9 |
| Jill |
| Price per Acre |
Number of acres |
| $15 |
0 |
| 14 |
1 |
| 13 |
2 |
| 12 |
3 |
| 11 |
4 |
| 10 |
5 |
| 9 |
6 |
| 8 |
7 |
| 7 |
8 |
| 6 |
9 |
The supply curve is as follow:
| Price per Acre |
Number of acres |
| $11 |
1 |
| 13 |
2 |
| 15 |
3 |
| 17 |
4 |
| 19 |
5 |
| 21 |
6 |
| 23 |
7 |
| 25 |
8 |
| 27 |
9 |
a. Draw a graph showing the optimal size of the park. Be sure to label the curves on the graph.
b. Briefly explain why a park of 2 acres is not optimal. 4.5 Commercial whaling has been described as a modern example of the tragedy of the commons. Briefly explain whether you agree.