Suppose you are working as a consultant for a coal company to help them determine how many tns of coal to extract from the earth. The coal company is independent of other companies who wish to use the land and is unaware of their decisions. Coal development is currently unregulated and access is free. You know the following functions represent the total benefits and total cost related to the development of coal. TB = f(q) = 50q- 2q2 %3D TC = c(q) = 4q %3D (a) Derive the average benefit curve. (b) Derive the marginal cost curve. (c) Compute the quantity of coal extracted if access is free and unrestricted. (d) What if the government were to intervene in this market, forcing each developer to produce the net benefit maximizing quantity. How many units are produced by each coal developer now? (e) Using this example, explain the problem of the commons. Suppose you are working as a consultant for a coal company to help them determine how many tns of coal to extract from the earth. The coal company is independent of other companies who wish to use the land and is unaware of their decisions. Coal development is currently unregulated and access is free. You know the following functions represent the total benefits and total cost related to the development of coal. TB = f(q) = 50q- 2q2 %3D TC = c(q) = 4q %3D (a) Derive the average benefit curve. (b) Derive the marginal cost curve. (c) Compute the quantity of coal extracted if access is free and unrestricted. (d) What if the government were to intervene in this market, forcing each developer to produce the net benefit maximizing quantity. How many units are produced by each coal developer now? (e) Using this example, explain the problem of the commons.