Suppose there are 1,000 voters in stony brook. a total of 400 are willing to pay up to $25 each for the construction of a park, whereas the other 600 are willing to pay only s10. the construction of the park will cost $12,000. someone proposes a vote on whether to tax each citizen $12 in order to finance the park. (a) what will be the result according to the median voter model? is this result socially efficient? explain (b) what if instead of beign willing to pay up to $25 each, the 400 residents are willing to pay up to s50 each?

1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.