In a free market, the marginal cost (M) of a commodity in $/kg may be modeled as
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
To determine the equilibrium point for this market and the new equilibrium point after imposing an e...View the full answer
Answered By
User l_973071
I have a Bachelor of Science degree with a focus on biological, social, and mathematical fields. Throughout my academic journey, I have gained valuable knowledge and practical experience in these areas, enabling me to develop a well-rounded understanding of the subjects.
In the field of biology, my education has equipped me with a strong foundation in various sub-disciplines, such as molecular biology, genetics, physiology, and ecology. I have gained hands-on experience in laboratory techniques, data analysis, and scientific research methods. This has allowed me to explore the intricacies of the biological world, from the microscopic level of cells to the broader ecosystem dynamics.
Regarding social sciences, my coursework has encompassed subjects like psychology, sociology, and anthropology. I have delved into the complexities of human behavior, societal structures, and cultural influences. This multidisciplinary approach has broadened my perspective on how individuals and communities function, interact, and shape the world around them.
Mathematics has been an integral part of my academic journey as well. Through my studies, I have developed a solid understanding of various mathematical concepts, including calculus, statistics, and algebra. I have honed my problem-solving skills and analytical thinking, which are essential in tackling complex mathematical and scientific challenges.
In addition to my formal education, I have also gained tutoring experience in these fields. I have worked as a tutor, assisting students with their coursework, assignments, and exam preparation. This experience has allowed me to effectively communicate complex concepts in a clear and concise manner, adapting my teaching style to suit the needs of each student. I find great satisfaction in helping others understand and appreciate the subjects I am passionate about.
Overall, my education and tutoring experience in the biological, social, and mathematical fields have shaped me into a knowledgeable and versatile individual. I am eager to continue expanding my expertise in these areas, while also sharing my knowledge with others to foster a deeper understanding and appreciation of the sciences.
0 Reviews
10+ Question Solved
Related Book For 
Sustainable Engineering Principles And Practice
ISBN: 9781108420457
1st Edition
Authors: Bhavik R. Bakshi
Question Posted:
