1. there are 100 consumers with identical demand functions for agricultural
land. The individual demand function is given by q= 10-p and the inverse demand function is given by p = 10-q where q is the agricultural land in hectares and p is the price of marginal willingness to pay. what is the aggregate total willingness to pay for 100 hectares of agricultural land?
2 Consider a firm producing output Q. The marginal cost of production is MC = a + bq and per unit output price is p. Additionally there are marginal externalities equal to ME = cq without regulation how many units of q would the firm produce?
p =5 ,a=3 b=1 ,c =5
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