Essay
Joint Product Pricing. The Golden State Mining Company operates a small gold and copper mine in a remote region of the Sierra Nevadas. Each ton of mined ore yields one ounce of gold and one pound of copper in a fixed 1:1 ratio. Marginal costs are $450 per ton of ore mined, plus a $30 per ton state land reclamation tax.
The demand and marginal revenue curves for gold are:
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