A competitive fishing industry consists of five independently owned and operated fishing boats working out of the port of Ithaca. Assume that no other fishermen fish Cayuga Lake, and that the MC of operating a boat for 1 day is equivalent to 70 pounds of fish. (A boat left idle generates no costs.) [The total catch per shoreline, in pounds, is given in the table below as a function of the number of boats fishing the east and west shores of the lakej. a. Complete the following table by filling in average and marginal catch: (Enter your answers in whole numbers.) Kast Shore Mest Shore Nunber of boats per side Total cateh Average cateh Marginal cateh Total catch Average catch Harginal cateh 100 05 150 180 210 255 260 320 300 350 b. If each boat owner decides independently which side of the lake to fish and all boats are in plain view of each other, how many boats would you expect to find fishing each shore on any given day? What is the net catch (that is, the total catch from both shores, less operating costs)? (Enter your answers in whole numbers.)

A competitive fishing industry consists of five independently owned and operated fishing boats working out of the port of Ithaca. Assume that no other fishermen fish Cayuga Lake, and that the MC of operating a boat for 1 day is equivalent to 70 pounds of fish. (A boat left idle generates no costs.) [The total catch per shoreline, in pounds, is given in the table below as a function of the number of boats fishing the east and west shores of the lakej. a. Complete the following table by filling in average and marginal catch: (Enter your answers in whole numbers.) Kast Shore Mest Shore Nunber of boats per side Total cateh Average cateh Marginal cateh Total catch Average catch Harginal cateh 100 05 150 180 210 255 260 320 300 350 b. If each boat owner decides independently which side of the lake to fish and all boats are in plain view of each other, how many boats would you expect to find fishing each shore on any given day? What is the net catch (that is, the total catch from both shores, less operating costs)? (Enter your answers in whole numbers.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.1P: A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new...

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