1. A local firm hires $150 of unskilled labour at the minimum wage and constructs a walking track, for which it is paid $180 by the State Government. The firm incurs no other cost, apart from the wage bill, in constructing the track. The govemment is to charge a fee to users of the track, and the present value of the fees paid is estimated to be $100. Con sumers place a net present value (net of the fees and any other costs incurred) of $50 on the track's services. The labour employed to construct the track would otherwise be unem ployed, and the value of its non-market activity is estimated to be $50. (i) calculate the net benefit of the project to each member of the referent group: (a) the firm (b) consumers (c) labour (d) the government; (ii) using the appropriate shadow-price of labour, calculate the efficiency net benefit of the project