QUESTION 7To ensure correct grading:Do NOT include dollar signs or units, as I have already provided them for you in the problem.Suppose you want to remove an aquatic species that was introduced to a lake and is now taking over. Usethe information below to find the answer.MB=314-3.2QMC=50+3.4QTB=314Q-1.602TC=50Q+17Q2a. The optimal number of the species to remove is(Hint: Remember that the optimal point can be found where MB-MC. Set MB=MC and solve for Q.)b. Total costs and benefits (or vice versa - order does not matter for answer) to remove that quantity of theand $species are $(Hint Plug your answer in from part (a) into the TB and TC equations and solve.)

Optimal level is achieved where MSB=MSC

Answered: NOT include dollar signs or units, as I…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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