9. (251 points) Eastern Yards is a 2'5-acre plot of iindeveloped land in a large city. The graph below shows the marginal benefit and marginal cost that developers face in developing this land rather than leaving it as open space. 120 100 80 Price (millions) 50 d) 40 20 10 15 Acres of Developed Land If left unregulated, how many acres will be developed? Briey explain. W tug; gag); Wane imposes an external cost on city residents of $40 million as a result of lost open space (so the lll marginal social cost is 3% per acre). If this is the only external cost or benet, what would be the deadweight loss, in dollars, that results from unfettered development? Show clearly on the graph. Local neighborhood residents are calling for rezoning the entire site (all 25 acres) as open space. Would such an outcome be more or less socially efcient than the unregulated outcome? Explain and be as specic as possible. You may use your graph as part of your answer, but it is not required. Will/g. WW one city councilmember advocates for letting city voters decide how much, if any, of the site to rezone as open space. He argues that such a democratic process will result in the socially optimal level of open space. Is the city councilmember correct that we would achieve the socially optimal number of open space acres? Explain using 100 words or less. W the state W a new law that takes zoning powers away from local governments and grants them to the region instead. Would you expect a regional zoning board (comprised of representatives from the city and surrounding suburbs) to make a different decision about how much open space to require on the land? Explain using 100 words or less