Following the notation as shown in class presentations, consider a fishery where the harvest rate is related to effort: H=(a/b)E-(1/b)E2, and total cost of effort is: TC = CE. E relates to the stock level, S, in the following way: E = a-bS. Let a=20, b=D0.2, and c=S20. Assume a competitive market price of fish to be $10 per ton. What will the resulting fish stock be? Group of answer choices 51.0 19.6 9.8 2.0 Consider again the question above. If an exclusive property right were granted to one fisherman, what would the fish stock be? Group of answer choices 9.8 2.0 19.6 51.0
Following the notation as shown in class presentations, consider a fishery where the harvest rate is related to effort: H=(a/b)E-(1/b)E2, and total cost of effort is: TC = CE. E relates to the stock level, S, in the following way: E = a-bS. Let a=20, b=D0.2, and c=S20. Assume a competitive market price of fish to be $10 per ton. What will the resulting fish stock be? Group of answer choices 51.0 19.6 9.8 2.0 Consider again the question above. If an exclusive property right were granted to one fisherman, what would the fish stock be? Group of answer choices 9.8 2.0 19.6 51.0
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.15P
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