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Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, whereP is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q.
1. Graph inverse demand and inverse supply. Calculate and show graphically the price and quantity of coal in a competitive equilibrium in which producers do not consider the future impacts of their actions (i.e., the marginal user cost is external). Also graph the equilibrium values of:
(i) MWTA by producers
(ii) MC of production
(ii) WTA by producers
(iii) Total variable costs (TVC)
(iv) Total revenue
(v) PS (what kind of rent is this?)
(vi) CS
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