Suppose that the annual maintenance cost of a public park is $40,000. The park has no entrance fee and the local government is under considerable pressure to sell it to urban developers. You are asked...

Suppose that the annual maintenance cost of a public park is $40,000. The park has no entrance fee and the local government is under considerable pressure to sell it to urban developers. You are asked to estimate the value of the park to the public by using the travel cost method. The park is visited by people living in five concentric zones around it. Each zone has a population of 5000, and the total travel cost for a visit to the park from zone i is given by TCi = 4 (i -1), where i = 1,...,5. For each zone, the estimated relationship between visitation rate V (defined as annual number of visits/(population of zone/1000)) and total travel cost (TC) is given by V = 100 - 5 TC. (a) For each zone, obtain an equation relating the total number of visits from that zone to different levels of a hypothetical fee charged per visit.