Benefits of Social Programs
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A community-based public works project costing $55,000 will benefit 5 separate individuals as shown below:
Individual #, Benefit ($), Cost Share ($)
1$1,000 $1,500
2 $5,000 $4,500
3 $4,000 $5,000
4 $20,000 $18,000
5 $25,000 $25,500
In an Excel spreadsheet, show whether this project is economically feasible. Would a majority approve this project (explain)? Does the project meet Pareto efficiency criterion (explain)? Revise the cost shares to meet Pareto criterion and get the referendum passed by a majority vote.
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Solution Summary
A sentence explains each and an excel chart shows the initial benefits vs. cost and then the optimized one.
Solution Preview
See excel attached.
source: http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Pareto_efficiency.html
1. The overall benefit is $500 which is not a great ...
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