ECN437Exercise8

# ECN437Exercise8 - ECN437 Exercise8 DueMonday4/9

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ECN437 Exercise 8 Due Monday 4/9 Suppose you've been asked to decide whether a particular scenic area now  used as a park should be converted to a housing development. The two uses  are mutually exclusive. At the moment, no admission fee is charged and  4000 people visit the park each day. A researcher has interviewed a sample  of the visitors and concluded that they come from 5 geographic zones. She  has collected the following information, where "Travel Cost" is the round- trip transportation cost of visiting the park:   Zone Travel  Cost Populat ion Visitors 1 \$1 50000 2500 2 \$2 25000 1000 3 \$3 12500 375 4 \$4 6250 125 5 \$5 8000 0 Tot al   4000 Please answer the following questions: 1. Using the travel cost method calculate the number of people who would  visit the park if an admission fee of \$1 were imposed. 2.

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## This note was uploaded on 04/02/2012 for the course ECN 437 taught by Professor Peterwilcoxen during the Spring '12 term at Syracuse.

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ECN437Exercise8 - ECN437 Exercise8 DueMonday4/9

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