City Parks: A city’s mayor has to decide how much money to spend on parks and recreation. City… 1 answer below »
City Parks: A city’s mayor has to decide how much money to spend on parks and recreation. City codes restrict this spending to no more than 5% of the budget, and the yearly budget of the city is $20,000,000. The mayor wants to please his constituents, who have diminishing returns from parks. The money equivalent benefit from spending $c on parks is v(c) =
a. What is the action set for the city’s mayor?
b. How much should the mayor spend?
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c. The movie An Inconvenient Truth has shifted public opinion, and now people are more willing to pay for parks. The new preferences of the people are given byWhat now is the action set for the mayor, and how much spending should he choose to cater to his constituents?