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The following table gives hypothetical annual total costs and total benefits of maintaining alternative populations of Asian elephants. In Excel Please
Calculate the marginal costs and benefits, and draw marginal benefit and cost schedule.
Given the data, what is the socially optimal world population of Asian elephants?
Suppose that two events occur simultaneously. Technological development allows machines to do more efficiently much of the work that elephants once did, which reduces by $10 million the marginal benefit of maintaining the elephant population for each 7,500 increment in the elephant population. In addition, new techniques for breeding, feeding, and protecting elephants reduce the marginal cost by $40 million for each 7,500 increment in the elephant population. What is the new socially optimal population of Asian elephants?
Population of Asian Elephants
Total Cost ($ millions)
Total Benefit ($ millions)
0
7,500
20
100
15,000
45
185
22,500
90
260
30,000
155
325
37,500
235
375
45,000
330
410
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