Planet Earth is protected by the Justice League, and only the Justice League. Demand for earth saving events is represented by P-100-Q, which means the Marginal Revenue for the Justice League is MR=100-2Q. However, superheroes don't run cheap, and each extra earth saving event costs more money, with the marginal cost curve being represented by MC-10+Q. Assume the Justice League's total costs can be represented by TC-100+10Q+0.5Q². a. What are the Justice League's average total costs? What are the Justice League's average variable costs? (I am looking for the equations) b. Draw the demand curve, the marginal revenue curve, the marginal cost curve, and the average total cost curve. Be sure to label all axes, curves, and intercepts. (Hint: graph ATC at Q=1, at the profit maximizing Q, and at a Q higher than the profit maximizing Q) c. What quantity of earth saving events will be provided, and what will the price be? Label them QM and PM on your graph. d. What will the Justice League's profit be? Label their profits on your graph. e. What will the Justice League's producer surplus be? Label their producer surplus on your graph. Now suppose an interplanetary agency, the Avengers, comes to planet Earth to offer its earth saving services. The Avengers and the Justice League have a choice to make: they can fight each other or live in peace. Ifone chooses to fight while the other chooses to live in peace, then the fighter will get all of the earth saving events. If they both choose to fight, then the Avengers will win, but at a large cost. Below is the payoff matrix The Avengers Peace Fight Реасе 50,50 08'0 10,30 Justice League Fight 40,0 f. What is/are the Nash Equilibrium (equilibria) outcome(s)? (hint: we are looking for the strategies, not the payoffs) g. Now assume they have a third choice, they can team up and become the Avengers of Justice! The new payoff matrix accounting for this option is below. What is/are the Nash Equilibrium (equilibria) outcome(s)? The Avengers Peace Fight Team Up Peace 50,50 Justice League Fight 40,0 10,30 40,0 Team Up 0,40 50,50 0'0

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