A steel firm creates water pollution for a downstream fishery. The price and cost functionsfor steel and fish are as follows:Price of steel30Cost function for steel Csteel(s,x)6s + 3s? – 20x + 2x²Price of fish50Cost function for fish Cfish(f,x)20f+5f² + 14x +x?(a) How much steel (s), pollution (x) and fish (f) will the steel and fish plants produce if theyare merged and act to maximize joint profit? (Maximise joint profit)

Given information Price of steel=30 Price of fish=50 Cost of steel=6s+3s2-20x+2x2 Cost of…

A steel firm creates water pollution for a downstream fishery. The price and cost functions for steel and fish are as follows: Price of steel 30 Cost function for steel Csteel(s,x) 6s + 3s? – 20x + 2x? Price of fish 50 Cost function for fish Cfish(f,x) 20f+5f² + 14x +x? (a) How much steel (s), pollution (x) and fish (f) will the steel and fish plants produce if the are merged and act to maximize joint profit? (Maximise joint profit)

A steel firm creates water pollution for a downstream fishery. The price and cost functions for steel and fish are as follows: Price of steel 30 Cost function for steel Csteel(s,x) 6s + 3s? – 20x + 2x? Price of fish 50 Cost function for fish Cfish(f,x) 20f+5f² + 14x +x? (a) How much steel (s), pollution (x) and fish (f) will the steel and fish plants produce if the are merged and act to maximize joint profit? (Maximise joint profit)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 9PA

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