The water project has a capacity limit of s 18 and the, Ask an Expert

Economics

Consider a water project in a region that supplies water to both industrial and agricultural use. Their demand functions for water are respectively:

Qind = 6 - P
Qag = 12 - P

The water project has a capacity limit of S = 18, and the marginal cost of water supply is constant at 1.

What is the efficient price of water? What are the quantities of water allocated to agricultural and industrial use?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M966431

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