9 QUESTION 2Suppose the inverse demand curve on ore is given by P = 85-0.30 Q. Ore can be either mined or obtained througha recycling program. The marginal cost of mining is MC1 = 6 91. The marginal cost of obtaining ore throughrecycling is MC2 = 10 2 92. What percent of total demand is satisfied by recycled ore (express your answer inpercentage, i.e., if the answer is 45.34% then enter 45.34)?

Here the total quantity get from mining (q1) and recycling (q2). We required to compute first total…

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)?

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)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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