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Now suppose that a new miniature golf course opens in the friends' town. While all the friends prefer playing golf to going to the park, some friends like golf more than others. The utils received from playing golf are as follows for the friends: d) Using the above information, identify the equilibrium group of hot tub users. Then identify the optimal group of hot tub users. Why do the groups differ? Compute the grand total of benefits for hot tub users and golf players in both situations. Equilibrium group: Optimal group: Why do the groups differ? Grand total benefits for hot tub users Grand total benefits for golf players e) Compute the toll/subsidy schedule required to support the optimum and add it to the right-hand side of the table in part a). Recall that in the freeway case, the toll at a given T is equal to the difference between MC and AC at that T. In the present case, the toll (or subsidy) is given by AB minus MB. Find the toll charged (or subsidy paid) to achieve the optimal number of hot tub users in both the park case and the golf case. Toll/subsidy in the park case Toll/subsidy in the golf case Now suppose that a new miniature golf course opens in the friends' town. While all the friends prefer playing golf to going to the park, some friends like golf more than others. The utils received from playing golf are as follows for the friends: d) Using the above information, identify the equilibrium group of hot tub users. Then identify the optimal group of hot tub users. Why do the groups differ? Compute the grand total of benefits for hot tub users and golf players in both situations. Equilibrium group: Optimal group: Why do the groups differ? Grand total benefits for hot tub users Grand total benefits for golf players e) Compute the toll/subsidy schedule required to support the optimum and add it to the right-hand side of the table in part a). Recall that in the freeway case, the toll at a given T is equal to the difference between MC and AC at that T. In the present case, the toll (or subsidy) is given by AB minus MB. Find the toll charged (or subsidy paid) to achieve the optimal number of hot tub users in both the park case and the golf case. Toll/subsidy in the park case Toll/subsidy in the golf case