A factory produces chemicalK and effluent E which it dumps into the river. It affects the downstream firm which produces fish F. The two firms are competitive and face unit price PK-10 and PF= 20 for the chemical and fish respectively. The cost function of the chemical factory is C(K,E) = K (5-E) +1 while the cost function of the fishery is Č(F,E)=F'E'. If both the %3D firms choose the level of output that maximizes their profit, then what would be the optimal value of K, E, and F? (a) (5, 0, 5/8) (b) (3, 0, 2/5) (c) (5, 5, 2/5) (d) (5, 5, 5/8)

A factory produces chemicalK and effluent E which it dumps into the river. It affects the downstream firm which produces fish F. The two firms are competitive and face unit price PK-10 and PF= 20 for the chemical and fish respectively. The cost function of the chemical factory is C(K,E) = K (5-E) +1 while the cost function of the fishery is Č(F,E)=F'E'. If both the %3D firms choose the level of output that maximizes their profit, then what would be the optimal value of K, E, and F? (a) (5, 0, 5/8) (b) (3, 0, 2/5) (c) (5, 5, 2/5) (d) (5, 5, 5/8)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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