Question: 1. (30 points) (a)Complete the blank table below. Clearly show the calculation for each missing data point in each column. (b)From the table in (a),

1. (30 points)

(a)Complete the blank table below. Clearly show the calculation for each missing data point in each column.

(b)From the table in (a), determine the net benefits maximizing level of the control variable Q.

Use the relationship between marginal benefit and marginal cost at the various level of the control variable to explain why the level of the control variable in (b) is regarded as the economically optimal level.

(C)Provide a graphical illustration and a brief explanation in support of your response in (c) above.

Table A Chart: Read the chart across.

Control Variable Q 100 104 108 112 114 115 116 120

Total Benefit TB(Q) 1200 2110 2900 3570 3875 4020 4157.5 4587.5

Total Cost TC(Q) 900 blank blank blank blank blank blank blank

Net Bebefits NB(Q) blank blank blank blank blank blank blank blank

Marginal Benefit 257.5 blank blank blank blank blank blank blank

Marginal Cost (Q) 70 90 110 130 140 145 150 170

Marginal Net MNB blank blank blank blank blank blank blank blank

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