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The town of Smallville is considering building a museum

Economics

The town of Smallville is considering building a museum. The city will have to borrow money to build the museum and will own $1000 per year in interest. Each citizen's marginal benefit is listed in the table below. Citizen Rarginal benefit from museum (S/year) Anita 340 Brandon 290 Carlena 240 Dallas 190 Eloise 140 Assuming each citizen voted based on their own private interests, would they vote to increase taxes by $200 per person per year to build the museum? b If instead a private company built the museum and charged people a yearly fee to attend the museum, would any company offer to build it? Explain Comparing the cost to the social marginal benefit would it be more efficient to build the museum or not?

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