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Minnesota Has Two Oil Refineries That Emit Methane Gas

question 36

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Minnesota has two oil refineries that emit methane gas. The Bend refinery emits 300 units of methane, and the Park refinery emits 900 units. Government regulators would like to reduce total methane emissions from 1,200 to 900 units. Bend's total abatement and marginal abatement costs are TCB = 400QB + 4QB2 and MACB = 400 + 8QB, where Q is units of methane. Park's total abatement cost and marginal abatement costs are TCP = 40QP + 2QP2 and MACP = 40 + 4QP.
Suppose that the government regulators evenly split 900 methane pollution permits between the two refineries. The total cost of removing 300 units of methane, using a tradable permit system is $____.


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