Suppose that the inverse demand for marching band music is given by P = $1,000 ?

Question

Suppose that the inverse demand for marching band music is given by P = $1,000 ?Q. Because marching bands across the world produce music of sufficient quality at increasing marginal cost, the industry marginal cost is given by MC = 0.75Q. Unfortunately, marching band music is not produced in a vacuum: people near marching bands become increasingly aggravated the more music they hear. At the industry level, the external marginal cost is given by EMC = 0.25Q. Graph the demand, marginal cost, and external marginal cost functions.
If marching bands do not consider the external marginal costs they impose on others, calculate the total damage to those harmed. $40,755 $31,250 $80,000 $55,611 Suppose that the inverse demand for marching band music is given by P = $1,000 ?Q. Because marching bands across the world produce music of sufficient quality at increasing marginal cost, the industry marginal cost is given by MC = 0.75Q. Unfortunately, marching band music is not produced in a vacuum: people near marching bands become increasingly aggravated the more music they hear. At the industry level, the external marginal cost is given by EMC = 0.25Q. Graph the demand, marginal cost, and external marginal cost functions.
If marching bands do not consider the external marginal costs they impose on others, calculate the total damage to those harmed. $40,755 $31,250 $80,000 $55,611

Explanation / Answer

$31,250

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