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| Two individuals, Alexander and Vanessa, benefit from scientific research. Alexander’s marginal private benefit from such research is given by the equation P = 200 – Q, where Q refers to the amount of research undertaken and P is the price Alexander is willing to pay for such research. Vanessa’s marginal private benefit from such research is given by the equation P = 100 – Q. Suppose the marginal social cost of engaging in such research is constant at $100.
Reference: Ref 17-15 (Scenario: Alexander and Vanessa) Refer to scenario Alexander and Vanessa. If Alexander and Vanessa are the only two individuals in a society, which of the following equations correctly represents the marginal social benefit (MSB) of scientific research? |
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