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suppose that prior to land restrictions of 1984 the market for land disposal was modeled as follows:
suppose that prior to land restrictions of 1984 the market for land disposal was modeled as follows:
demand (MPB)=80-2L
supply(MPC)=20-2L
where L is in 1000 tons of landfill hazardous waste and the dollar values are per ton.
when the 1984 restrictions decreases the supply of land disposal services the marginal private cost changes to mpc=32+2L
quantify the decrease of land disposal services accomplished at his restriction and make a appropriate conclusions.
math is required, show your work
hint: find equilibrium (price and quantity) before and after 1984 restrictions (supply=demand)
