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In a free market, the marginal cost (M) of a commodity in $/kg may be modeled as M = 7Q,

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In a free market, the marginal cost (M) of a commodity in $/kg may be modeled as M = 7Q, where Q is the quantity produced in kilograms. The demand for this commodity is related to its price (P) as P = 3Q+ 100. Answer the following questions: 1. Determine the equilibrium point for this market. 2. If an environmental tax of $25/kg is imposed on this system, what is the new equilibrium point?

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Related Book For  answer-question
Sustainable Engineering Principles And Practice

Sustainable Engineering Principles And Practice

ISBN: 9781108420457

1st Edition

Authors: Bhavik R. Bakshi

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Question Details
Chapter # 4- Economics and Environment
Section: Problems
Problem: 5
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Question Posted: September 14, 2023 09:23:27
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