Homework Answers
In social welfare maximization, equilibrium is attained at a point where Marginal Benefit = Marginal cost
Give, dC/dq = q^2, therefore C = 1/3 (q^3)
In equilibrium, MC = q^2 and MB = dB/dq = 2.7q^2 - 7.3
Thus, q^2 = 2.7 q^2 - 7.3
Solving the quadratic equation, we get: q = 2.07 (approx.)
Ans. As a welfare maximizer, the society should build 1 additional pylon.
Total number of pylons built = 2 (taking the nearest integer)
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