Business, 17.06.2021 20:10 sepdentalcare8774

A local school is considering having a fundraising drive to renovate the science lab. The renovation will be completed only if the school collects $20,000 total from the parents. Each parent values the renovation at $500. Suppose that there are 100 parents. To try to raise the money the school holds a raffle. Parents can buy a $200 ticket (each parent can buy at most 1 ticket). The proceeds go to the school. The winner of the raffle gets season tickets to the local football team, worth $100. Suppose the school gets to keep all proceeds, regardless of what happens. If the proceeds do not sum up to $20,000, then the school uses the money for an end of year party that teachers value much less than a renovated science lab. If the proceeds do sum up to $20,000, the school renovates the lab. Required:
a. What is the Pareto efficient outcome?
b. Write down all Nash equilibria of the game among the parents.
c. What social dilemma is present in this scenario?

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A local school is considering having a fundraising drive to renovate the science lab. The renovation...

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