Defenders of Wildlife. Suppose that each of the 70,000 citizens in the Tatra County of Poland is willing to pay $0.10 to increase the number of bears by one. Each bear imposes a cost of $2,000 in...

Defenders of Wildlife. Suppose that each of the 70,000 citizens in the Tatra County of Poland is willing to pay $0.10 to increase the number of bears by one. Each bear imposes a cost of $2,000 in various losses (e.g., in crops and livestock) to farmers.

a. Is the drive to save the endangered bears from extinction efficient from a social perspective?

b. How can the drive be implemented to compensate the farmers’ loss?