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Stavely, a small town in Southern Alberta, has 200 families. They are considering installing a mini weather station, which costs 550,000 annually. This weather station
Stavely, a small town in Southern Alberta, has 200 families. They are considering installing a mini weather station, which costs 550,000 annually. This weather station will benefit everyone in the town. The town mayor believes this venture is too costly and not worth trying. You are one of the residents of the village. Being enrolled in Econ 369, you understand how to find people's willingness to pay and decide to survey a representative sample of 20 families. The survey result of the annual WTP from the 20 representative samples is presented in the table below. Given the information, would it be feasible for you to convince the village Mayor to go for the project? Why or why not? Explain your position. 01 o 11 30
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