The accompanying table shows Patty”s total benefit and total cost when she works a specific number of hours. Curve and, from your diagram, graphically derive the optimal quantity of diamonds to produce. Each quantity of diamonds. Which quantity gives De Beers the highest total net gain? 12. You have won the provincial lottery. There are two ways in which you can receive your prize: You can either have $1 million in cash now, or you can have $1.2 million that is paid out as follows: you get $300,000 now, $300,000 in one year”s time, $300,000 in two years” time, and $300,000 in three years” time. The interest rate is 20%. How would you prefer to receive your prize? 13. The drug company Pfizer is considering whether to invest in the development of a new cancer drug. Development will require an initial investment of $10 million now; beginning one year from now, the new drug will generate annual profits of $4 million for three years. Should work. In other words, what is the optim

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