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Advising on Public Land Use
Imagine a city government has acquired a large, vacant plot of land and has a limited budget for its development. The city council is considering three mutually exclusive options: 1) develop the land into a public park, 2) sell the land to a commercial developer to build a shopping center, or 3) construct a new public library.
As an economic advisor, write a memo to the city council. In your memo, you must:
- Explain why this situation represents a classic problem of making a decision under scarcity.
- For EACH of the three options, identify and describe the primary trade-off (what is given up by choosing that option).
- Propose a method or set of criteria the council should use to evaluate these options and make the most beneficial choice for the city's residents. Justify your proposed method.
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- Upgrading the public library with new computers and books.
- Repaving the main roads to improve transportation.
- Building a new community swimming pool.
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