1 Use the equations given below and calculate total benefit, total cost, marginal benefit, and margi

1 Use the equations given below and calculate total benefit, total cost, marginal benefit,

and marginal cost for values of Q ranging from 35 to 45

Total Benefits: P = 314Q – 16Q

Marginal Benefits: P = 314 – 32Q

Total Cost: P = 50Q + 17Q

Marginal Cost: P = 50 + 34Q

1) Graph total benefit and total cost on one graph, and marginal benefit and marginal

cost on the other graph

2) Find the optimal value of Q and P

3) Calculate the total benefit, total cost, and net benefit at the equilibrium