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3. Andy Dwyer's band has a new album out. The demand for their music is characterized by the following demand function: 51), where p denotes
3. Andy Dwyer's band has a new album out. The demand for their music is characterized by the following demand function: 51), where p denotes the price of their album. Each CD costs $3 to make. a. Please derive the marginal revenue curve? [3 points] b. How much should Andy Dwyer charge for the CD and how many CDs would he sell? [5 points] c. What is the social optimum number of CDs? [3 points] (1. Please draw a graph to indicate what you found in Parts a to c. [4 points]
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