Consider the following model for the production of refined oil:
MSC = 10 + 0.5Q; MEC = 0; MSB = 30 – 0.3Q; MEB = 0. Use these relationships to answer any or all of questions
a.Based on the model, what is the MPC function?
b.Based these relationships, find the competitive output level.
c.Based on the model, find the competitive price level.
d.Based on these relationships, find the efficient output level.
e.Based on the model, find the price at the efficient equilibrium.
f. Based on the model, find the firm’s Mp function.