1. Use the equations given below and calculate total benefit, total cost, marginal benefit, and marginal cost for values of Q ranging from 35 to 45.
Total Benefits: P = 314Q - 1.6Q
Marginal Benefits: P = 314 - 3.2Q
Total Cost: P = 50Q + 1.7Q
Marginal Cost: P = 50 + 3.4Q
1) Graph total benefit and total cost on one graph, and marginal benefit and marginal cost on the other graph.
2) Find the optimal value of Q and P.
3) Calculate the total benefit, total cost, and net benefit at the equilibrium.