Suppose the inverse demand curve on ore is given by P = 85-0.30 Q. Ore can be either mined or obtained thro- a recycling program. The marginal cost of mining is MC1 = 6 91₁. The marginal cost of obtaining ore thro- recycling is MC2 10 2 92. What percent of total demand is satisfied by recycled ore (express your answe percentage, i.e., if the answer is 45.34% then enter 45.34)?

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calculate sum of the residuals

2. Exercise 8.2 Howard Bowen is a large-scale cotton farmer. The land and machinery he owns has a current market value of $12 million. Bowen owes his local bank $9 million. Last year Bowen sold $11 million worth of cotton. His variable operating costs were $9 million; accounting depreciation was $40,000, although the actual decline in value of Bowen's machinery was $60,000 last year. Bowen paid himself a salary of $50,000, which is not considered part of his variable operating costs. Interest on his bank loan was $400,000. If Bowen worked for another farmer or a local manufacturer, his annual income would be about $30,000. Bowen can invest any funds that would be derived if the farm were sold to earn 10% annually. (Ignore taxes.) What is Bowen's accounting profit? O $1,560,000 O $1,550,000 O $1,220,000.00 O $1,210,000.00 What is Bowen's economic profit? O $1,550,000 O $1,210,000.00 O $1,560,000 O $1,220,000.00