Building a Student Parking Garage

Building a Student Parking Garage

ECONOMIC EFFICIENCY OF BUILDING A PARKING GARGAGE AT CALIFORNIA STATE UNIVERSITY, NORTHRIDGE

This research examines the economic efficiency of building a parking garage to serve student parking needs at the California State University, Northridge. The concept of economic efficiency may be defined in a number of ways, depending upon the focus of inquiry.

Each of the ways in which economic efficiency is discussed. Further, an explanation of how the economic efficiency of the proposed parking garage to serve student parking needs would be assessed is provided along with the discussion and explanation of each of the ways in which economic efficiency may be determined.

Economic Efficiency Within the Context of General Welfare

Within the context of general economic welfare, an economic alternative or initiative is said to be efficient if, through its implementation, someone can be made better off while no one is made worse off as a consequence. Within the context of a proposed parking garage to serve student parking needs, the test of economic efficiency would be based on a determination of whether students would be better off with a parking garage while not other stakeholders were penalized as a result of building the garage.

Economic Efficiency Within the Context of the Production Possibilities Curve

Within the context of the production possibilities curve (PPC), economic efficiency is assessed within the context of tradeoffs involved in the use of available economic resources. Considering the economic efficiency of a proposed parking garage to serve student parking needs within the context of the PPC requires separate analyses from the perspectives of different stakeholders.

PPC Analysis From the Students’ Perspective

From the students’ perspective, as an example, the average student may be said to have limited financial resources available to devote to parking and housing. Thus, any combination of parking a…

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