1) Imagine a market with two consumers, where Consumer X's marginal benefits are given by MBx=70-0.4Qx and Consumer Y's marginal benefits are MBy=80-0.3QY. Determine and illustrate the equation for market-level marginal benefits. 2) Consider a market with two producers on the supply side. Producer A's marginal cost is MCA=8+0.6QA, and for Producer B, it is MCB=10+0.4QB. Find and graph the equation for market-level marginal cost. 3) Imagine a market where three firms contribute to the supply side. Producer 1's marginal cost is MC1=4+0.2Q1, Producer 2's marginal cost is MC2=6+0.5Q2, and Producer 3's marginal cost is MC3=3+0.1Q3. Determine and graph the equation for market-level marginal cost. 4) Suppose that the marginal cost of supplying each unit of electricity is $30, and the market demand for electricity is given by the equation P=80-q. a) graph this market (b) Calculate total surplus at Equilibrium. (c) Discuss how the surplus is distributed. 5) Suppose market demand for a good is given by MB=120-30 and the marginal cost of supplying the good is MC=60+6Q (1) What is the MB of the 5th unit? (ii) What is the TB from 5 units? (iii) What is the MC of the 5th unit? (iv) What is the TC of 5 units? (V) What is the NB of 10 units? (vi) Which unit has MB of $40? Of $60? (vii) Which unit has MC of $40? Of $60? (vili) How much benefits would a 6th unit add to total benefits? (ix) How much cost would a 6th unit add to total cost? (b) Assuming the market acts competitively, Find the Market Q, P, CS, PS and Total Surplus