Question
a) Consider that 2 agents make up the demand side of a market. Person A's marginal benefits are MBA= 60 0.25Q, and person B's marginal
a) Consider that 2 agents make up the demand side of a market. Person A's marginal benefits are MBA= 60 0.25Q, and person B's marginal benefits are MBB = 60 - QB Find and graph the equation for market-level marginal benefits. (b) Consider that 2 agents make up the supply side of a market. Producer 1's marginal cost is MC1= 5 + 0.5Q, and producer 2's marginal cost is MC2 = 5 + Q2 Find and graph the equation for market-level marginal cost. (c) Consider that 3 agents make up the supply side of a market. Producer 1's marginal cost is MC1 = 3 + 0.3Q, and producer 2's marginal cost is MC2= 4 + 0.6Q2, and producer 3's marginal cost is MC2= 1 + 0.1Q3 Find and graph the equation for market-level marginal cost
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