Unit1PortfolioEcon - 1 What economic question(s does this...

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1. What economic question(s) does this case require the town to ask? (2 points) What are the public goods? How will it benefit the town? 2. List the possible resources that the town would need to construct and maintain the park. (2 points) The possible resources would be land,funds and construction workers 3. What town resource(s) are scarce? (1 points) Recreation space and lots. 4. Who will be the consumers using this public good? (2 points) All citizens are available to use it, but dog owners would be the majority. 5. What is the opportunity cost of building this park? Explain. (5 points) Well, the opportunity cost depends on population, funding and benefits. In this case the park would be beneficial because the town would offer a recreation space for residents and the town would be charging the citizens a yearly fee. That fee is then used to keep to the park maintained. Having a nice park also improves property values.
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