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Question: Consider a driver's decision regarding how fast to drive. In particular, suppose that for this driver, the benefit (ins) of driving x miles per hour (mph) above the speed limit usually is B(x) = 63x - 2x^3. Also, the driver views the cost (ins) of speeding as C(x) = 1.5x^2. First, determine by how much this driver will choose to exceed the speed limit (x*). Second, sketch marginal benefit and marginal cost on a graph to illustrate your result. You will not lose points if your graph is not numerically accurate, as long as MB and MC have the correct shape.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93128510

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