1. The City of Corvallis is considering building its own baseball stadium for the Corvallis Knights. City staff have calculated the following present values over the expected life of the stadium: Item Present Value (Millions $) Construction + maintenance costs 20 Benton County infrastructure grant 4 Ticket sales revenue from Corvallis residents Ticket sales revenue from other (non-Corvallis) Benton 2 County residents Ticket sales revenue from non-Benton County residents 1 Additional revenue to Corvallis businesses from non-local 0.25 Benton Co. residents Scrap Value 4 Assume construction and maintenance are carried out by a contractor and crew from Portland (not in Benton County). a. Assuming standing for Corvallis residents, what is the net social benefit of the project? 2 pts. b. Assuming standing for Benton County residents, what is the net social benefit of the project? 2 pts c. Assuming standing for the entire state, what is the net social benefit of the project? 2 pts2. (3. Suppose we know the demand function for baseball tickets is given by q = 12E]I 8p: where g is the number of tickets [in hundreds) sold in a week and p is the ticket price. The price is p: = 512.00 \""hat is the price elasticity of demand for tickets at this price? Is demand elastic or inelastic? 2 pts Graph the demand function and use to calculate the consumer surplus at this price. 3 pts What is the change in consumer surplus if the price is increased to $14? 3 pts