Suppose the inverse demand curve on ore is given by P = 77 - 0.42 Q. Ore can be either mined or obtained through a recycling program. The marginal cost of mining is MC1 = 7 q1. The marginal cost of obtaining ore through recycling is MC2 = 12 + 3 q2. What percent of total demand is satisfied by recycled ore (express your answer in percentage, i.e., if the answer is 45.34% then enter 45.34)?

Given P = 77 - 0.42Q MC1 = 7q1 MC2 = 12 + 3q2 Find out What percent of total demand is satisfied by…

Answered: Suppose the inverse demand curve on ore…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose the inverse demand curve on ore is given by P = 77 - 0.42 Q. Ore can be either mined or obtained through a recycling program. The marginal cost of mining is MC₁ = 7 q₁. The marginal cost of obtaining ore through recycling is MC₂ = 12 + 3 q₂. What percent of total demand is satisfied by recycled ore (express your answer in percentage, i.e., if the answer is 45.34% then enter 45.34)?

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