Q8: Guelph Amber University has found it necessary to minimise the parking lot costs. The university is now considering several alternative places for parking. This table shows the expected annual costs and benefits of these alternatives. Answer the questions given below after required calculations based on cost benefit analysis. Show calculations for MC, MB and NB. (Figures in thousand dollars). 12 marks Parking place Total cost Total benefits Marginal cost |Marginal Net benefits per year per year (MC) benefits (NB) (MB) Lot-1-East side 66 68 Lot-2-West side 73 76 Lot-3-North side 81 90 Lot-4-South side 90 102 Lot -5- First floor 100 112 Lot-6- 123 121 UndergroundQ6 Complete the following table regarding Consumer Surplus. 5 marks Consumers Price the consumer Price actually paid by would have paid ($) Consumer Surplus the consumer ($) ($) Hilton 7 3 Kristy 13 8 Laurie 12 7 Krishna 23 19 Total