(Solved): 71) A government is considering undertaking a construction project of an increasing scale (ranging ...

71) A government is considering undertaking a construction project of an increasing scale (ranging from 1, 2,3, to 4). The estimated marginal costs and marginal benefits of each successive scale of the project are given in the table helow. What is the total cost and total benefit of the scale- 3 project? A) Total cost is \( \$ 37 \) million, and total benefit is \( \$ 41 \) million. B) Total cost is \( \$ 18 \) million, and total benefit is \( \$ 19 \) million. C) Total cost is \( \$ 65 \) million, and total benefit is \( \$ 66 \) million. D) Total cost is \( \$ 24 \) million, and total benefit is \( \$ 27 \) million. 72) The median-voter model implies that A) with majority voting, there can never be a consistent ordering of public good preferences. B) many people will be dissatisfied with the size of government in the economy. C) political voting will be as economically efficient as "dollar voting" in competitive markets. D) all voters have about the same preferences for various public goods and services. 73) The following data relate to the supply schedule of a product. Over which of the following price ranges is the price-elasticity of supply greater than 1 ? A) \( \$ 10 \) to \( \$ 15 \) B) \( \$ 25 \) to \( \$ 30 \) C) \( \$ 20 \) to \( \$ 25 \) D) \( \$ 15 \) to \( \$ 20 \)