(Solved): A survey of all recreational fishermen using Lake Chutzik in the Adirondacks (upstate New York) duri ...
A survey of all recreational fishermen using Lake Chutzik in the Adirondacks (upstate New York) during the summer of 1990 produced the following information regarding their numbers and the residents (origins): \table[[Origin,Per Capita Visitation Rate,Total "Travel Cost",Number of Users],[,,
$20,1000],[
#1,0.040,
$50,3000],[
#2,0.025,
$70,2000],[
#3,0.015,,6000],[Total,,,]] (a) Plot travel cost as a function of participation on a graph, label the axes and the points representing each place of origin. (2 points, one for showing some work and getting the correct formula for the line and one for graphing it correctly) (b) On a second graph, draw the related per-capita demand functions (for each place of origin) for recreational fishing services from the lake. Label the axes and the demand functions. (4 points, one for getting the formula for each demand functions correct and one for graphing all three of them). (c) On a third graph, draw the appropriate demand functions (not per-capita) for each origin and the aggregate (market) demand function. ( 5 points, one each for translating per capital demand into total demand for each origin, one for graphing them correctly, and one for graphing the aggregate demand curve correctly. You should at least describe where the kink points are if you graph the aggregate demand curve by hand.) (d) Calculate the total benefits for users from each origin and the total benefits from all origins. (
2pts,(1)/(2)for each area and
(1)/(2)for summing correctly)
