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methods from pp. 193-195 and from pp. 67-68 to answer this question. .pdf

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methods from pp. 193-195 and from pp. 67-68 to answer this question. Suppose the Yakima River can sustainably provide 300 acre-feet of irrigation water per year to 4 farms are located along its banks, while leaving enough river flow for other uses such as municipal drinking water, fishing, recreation, and ecosystem support. The marginal revenue function of water for each farm is MR(W)=1140.8W, where W is the farm's annual consumption in acre-feet. Assume again that water rights are transferrable in a competitive market, or that they are auctioned by the regional water authority. If the marginal pumping cost for each farm is a constant $11.7/ acre-foot, how much profit, to the nearest dollar, will each farm earn from its allocation of water? To solve, find the market price by the methods in Question 17, then calculate profit (which in this context is Consumer Surplus minus pumping cost). Find the area of the triangle above the market price and below the MR(W) curve, then subtract the pumping cost (Marginal Cost times the farm's allocation)..

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methods from pp. 193-195 and from pp. 67-68 to answer this question. Suppose the Yakima River can sustainably provide 300 acre-feet of irrigation water per year to 4 farms are located along its banks, while leaving enough river flow for other uses such as municipal drinking water, fishing, recreation, and ecosystem support. The marginal revenue function of water for each farm is MR(W)=1140.8W, where W is the farm's annual consumption in acre-feet. Assume again that water rights are transferrable in a competitive market, or that they are auctioned by the regional water authority. If the marginal pumping cost for each farm is a constant $11.7/ acre-foot, how much profit, to the nearest dollar, will each farm earn from its allocation of water? To solve, find the market price by the methods in Question 17, then calculate profit (which in this context is Consumer Surplus minus pumping cost). Find the area of the triangle above the market price and below the MR(W) curve, then subtract the pumping cost (Marginal Cost times the farm's allocation).

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