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The Santa Barbara Bowl (SBB) holds outdoor music events (M), earning $3 of revenue from each concert and with total costs of cM(M) = M2=8 for M concerts. Ursula is a writer who lives right next to the SBB and who sells her novels on the competitive market at the price of pN = 2. The music that Ursula overhears from the SBB distracts and it costs her cN(N;M) = N2=4+M to write N novels. What is the socially optimal number of concerts for the SBB to hold?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9481858

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