What is the marginal benefit to the city of setting off one more firework in the display?
Understand the Problem
The question is asking for the marginal benefit of setting off one additional firework during the town's New Year's Eve display, given that each of the 20,000 residents values each firework at 3. This involves calculating the total benefit from one more firework and how much value it adds to the community.
Answer
$60,000
The marginal benefit to the city of setting off one more firework in the display is $60,000.
Answer for screen readers
The marginal benefit to the city of setting off one more firework in the display is $60,000.
More Information
The marginal benefit calculates the additional value the residents gain from one more unit of the fireworks show.
Tips
Ensure to account for the total number of residents when calculating the total marginal benefit.
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