Essay
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q.
Draw a graph of the individual demand equations and the total community demand for fireworks. Sketch in the marginal cost function as well.
Correct Answer:
Verified
Correct Answer:
Verified
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