Response to the following problem:
Government Operations Scenario:
A community project (public good) will cost $2,500 and will benefit the five members of the community as follows:
Resident (A-E) Individual Benefit ($) Cost Share ($)
A 800.00 500.00
B 800.00 500.00
C 300.00 500.00
D 350.00 500.00
E 450.00 500.00
1. Is the project economically feasible?
2. Would the project be approved by a majority of the referendum?
3. Does the project meet the Pareto criterion?