02 May Question: Question 4: A. Suppose that the demand or marginal willingness to pay (MWTP) functions for two in…
Question 4: A. Suppose that the demand or marginal willingness to pay (MWTP) functions for two individuals for a rival good (X) are as follows: where X, and X, represent the consumption of individual A and B, respectively. In the first figure below, plot the demand curve for A. In the second figure, do the same for B. In the final figure plot the a I the price and the quantity (provide a number) at which your demand curve touches the vertical or horizontal axis. 0 XB
B. Suppose the table below specifies the demand or marginal willingness to pay (MWTP) schedules for two individuals. Determine and write down the aggregate quantity demanded (complete the aggregate MWTP schedule). Quantity demanded by each individual Price 10 0 0 0 4 0 Additional practice problems (do not turn in) Question i. Sulfur Dioxide (SO) is a major contributor to acid rain. Suppose the total benefits of SO abatement in Philadelphia are given by the function TB 20x -x and the total costs of SO, abatement are given by the function TC-x’+ 4x, where TB and TC are measured in dollars and x is measured in 1000 so, tons. A. Plot TB and TC on the same graph, with x ranging from 0 to 10. B. Calculate the marginal benefit and marginal cost of abatement (MB and MC) C. Plot MB and MC on another graph. D. Find the efficient level of abatement (in tons)
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