Quantities of water allocated to agricultural-industrial use, Microeconomics

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Quantities of water allocated to agricultural-industrial use

Consider a water project in a region that supplies water to both industrial and agricultural use. Their demand functions for water are respectively:

Qind = 6 - P
Qag = 12 - P

The water project has a capacity limit of S = 18, and the marginal cost of water supply is constant at 1.

(a) What is the efficient price of water? What are the quantities of water allocated to agricultural and industrial use?

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Microeconomics: Quantities of water allocated to agricultural-industrial use

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Microeconomics: Quantities of water allocated to agricultural-industrial use

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Microeconomics: Quantities of water allocated to agricultural-industrial use

Reference No:- TGS065535

Recent Questions Asked Microeconomics

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