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The cost of pollution (in billions of dollars) originating in the paper industry isCp = 2P + P^2where P is the quantity of pollutants emitted (in thousands of tons). The cost of pollution control (in billions of dollars) for this industry isCc = 5 - 3P
A) What is the optimal level of pollution?
P = 2P + P^2 => MC = 2 + 2PCC = 5 - 3P => MC = -3
to find the optimal level of pollution as recommended, we need to set total marginal cost = 0, then I have2 + 2P -3 = 0 => 2P -1 = 0 => P = 0.5You have already evaluated MCP = 2 + 2P and MCC = -3
B) At this level of pollution, what is the marginal cost of pollution?Part b. now requires you to evaluate MCP when P = 0.5
C) At this level of pollution, what is the marginal cost of pollution control?Part c. requires you to evaluate MCC when P = 0.5
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