11.3 The income figures from the different levels of investment in cattle would remain as before, as shown in the table. What is different is the opportunity cost of investing in each steer, which is now $11 per year instead of $13. The last column of the table shows that the socially optimal number of steers is now 2 instead of 1. And if individuals still favor holding cattle, all other things being equal, they will now send 5 steers onto the commons instead of 4, as shown in the middle column. LO4