Use the equations given below and calculate total benefit, total cost, marginal benefit, and marginal cost for values of Q ranging from 35 to 45 Total Benefits: P = 314Q – 16Q Marginal Benefits: P = 314 – 32Q Total Cost: P = 50Q + 17Q Marginal Cost: P = 50 + 34Q 1) Graph total benefit and total cost on one graph, and marginal benefit and marginal cost on the other graph 2) Find the optimal value of Q and P 3) Calculate the total benefit, total cost, and net benefit at the equilibrium

Use the equations given below and calculate total benefit, total cost, marginal benefit, and marginal cost for values of Q ranging from 35 to 45 Total Benefits: P = 314Q – 16Q Marginal Benefits: P = 314 – 32Q Total Cost: P = 50Q + 17Q Marginal Cost: P = 50 + 34Q 1) Graph total benefit and total cost on one graph, and marginal benefit and marginal cost on the other graph 2) Find the optimal value of Q and P 3) Calculate the total benefit, total cost, and net benefit at the equilibrium

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 1WNG

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