3. A city of population 1M. with 3% unemployment. has decided to pay a locally owned construction rm to build a new half mile long bridge. The city will borrow to nance the construction and will raise its property tax revenue by $20M (M for million) per year to pay back the loan and all costs of operating the bridge for 50 years. Of the expenditure on building and operating the bridge. 60% will pay for local value added (goods and services provided by city residents). The government expects that the demand curve for crossings over the bridge will be linear, with a choke price of $8. They plan to charge no toll and expect that there will be 12M crossings per year, only by city residents driving cars. and almost never any trafc congestion. In the problems below. except in part f, assume that the government's expectations are correct. g.[7] Construction and operation of the bridge will involve creating jobs that would not otherwise be created in the city. Find the approximate net generated income from the expenditure on bridge project. Show and EXPLAIN all your steps in a way that could be understood by someone who has taken Principles of Micro and Macroeconomics but not taken this course