This homework is intended to build skills around course learning outcome 1: Analyze natural resource and environmental management problems using economic concepts and theory. Total Points: 30 l. The City of Corvallis is considering building its own baseball stadium for the Corvallis Knights. City staff have calculated the following present values over the expected life of the stadium: Construction + maintenance costs Benton County infrastructure grant Ticket sales revenue 'om Corvallis residents Ticket sales revenue 'om other (non-Corvallis) Benton Count residents Ticket sales revenue from non-Benton County residents Additional revenue to Corvallis businesses from non-local Benton Co. residents Assume construction and maintenance are carried out by a contractor and crew from Portland (not in Benton County). a. Assuming standing for Corvallis residents, what is the net social benet of the project? 2 pts. b. Assuming standing for Benton County residents, what is the net social benet of the project? 2 pts c. Assuming standing for the entire state, what is the net social benet of the project? 2 pts 2. Suppose we know the demand function for baseball tickets is given by q = 120 8p, where q is the number of tickets (in hundreds) sold in a week and p is the ticket price. a. The price is p' = $12.00 What is the price elasticity of demand for tickets at this price? Is demand elastic or inelastic? 2 pts b. Graph the demand function and use to calculate the consumer surplus at this price. 3 pts . What is the change in consumer surplus if the price is increased to $14? 3 pts . In the market for baseball tickets, the equilibrium price is p' = 10, the equilibrium quantity is qr" = 40, and the price elasticity of supply is Es = 2.5. . Find the supply function. 2 pts . Suppose the demand changes to go = 80 8;}. Calculate the new equilibrium. 2 pts . Use a graph to calculate the resulting change in social surplus. Is society better or worse o' after this change? 3 pts . Suppose the city of Corvallis is considering building a new pool, but does not actually know the demand function for pool use. So they collect data over 30 weeks from other pools in the county. The data are in the Excel spreadsheet called HW1_Pr4_F22.xls. . Create a scatterplot that has the number of people using the pool on the X-axis and the entry fee (price) on the Y-axis. Then use excel to \"t a line\" to this scatterplot. What does this estimated (tted) line represent? 4 pts . Use the estimated mction to calculate the benets to the city of building the pool and not charging and entry fee. 2 pts . Calculate the benets of the pool to the city if the fee is set at $15. 3 pts