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cost Total Variable Cost o (no surfboards) Total fixed $ 186,000 & 500000 22 8080 $ 379005 800000 528555 12000 s 558,000 5ooooo losos $

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cost Total Variable Cost o (no surfboards) Total fixed $ 186,000 & 500000 22 8080 $ 379005 800000 528555 12000 s 558,000 5ooooo losos $ 800000 the following All investor 8 have utility function - U= E(&) - (5.0) Ao? Determine the 8 quergy gain achieved by the merged. companies

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