Problem 5 (3 Points) Consider two plots of open land, one owned by a private developer and one open to the public for development. The total cost and benefits of developing the land can be represented by the following functions, where Q represents the number of acres of land to be developed: TC(Q)=4QTB(Q)=32Q8Q22 (a) Derive the marginal cost (MC), marginal benefit (MB), and average benefit (AB) curves. (b) Graph the MC, MB, and AB curves (c) How many acres of land will be developed on the private plot of land? (d) How many acres of land will be developed on the public plot of land? (e) Briefly explain which resource allocation is most efficient and comment on the overexploitation of resources. Problem 5 (3 Points) Consider two plots of open land, one owned by a private developer and one open to the public for development. The total cost and benefits of developing the land can be represented by the following functions, where Q represents the number of acres of land to be developed: TC(Q)=4QTB(Q)=32Q8Q22 (a) Derive the marginal cost (MC), marginal benefit (MB), and average benefit (AB) curves. (b) Graph the MC, MB, and AB curves (c) How many acres of land will be developed on the private plot of land? (d) How many acres of land will be developed on the public plot of land? (e) Briefly explain which resource allocation is most efficient and comment on the overexploitation of resources