The biological relationship between the growth for the fish population and the size of the fish population is g=15S(1-S/5) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b=3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $50. If we rewrite the sustainable harvest/catch level equation in terms of effort level, E, then we have bg=[a]E-[b]E [C] 3 [None Given] [None Given] Specified Answer for: a Specified Answer for: b Specified Answer for: c

The biological relationship between the growth for the fish population and the size of the fish population is g=15S(1-S/5) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b=3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $50. If we rewrite the sustainable harvest/catch level equation in terms of effort level, E, then we have bg=[a]E-[b]E [C] 3 [None Given] [None Given] Specified Answer for: a Specified Answer for: b Specified Answer for: c

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

See similar textbooks

Similar questions

2. Which of the following statements is the best articulation of Malthusian dynamics?(A) “Technology will endeavour to make us increasingly less reliant upon fixed resources, since said resources can be stretched out in an exponential manner.”(B) “It is not possible that we can sustain ourselves indefinitely with fixed resources.”(C) “Since population grows exponentially, and farmland only grows linearly, human beings are cursed, in the long-term, to live in subsistence.”(D) “The wealthiest nations have the lowest population growth levels, but have also destroyed their environment with careless pollution that impedes on their ability to cultivate food.”
Suppose the following data reflect the production possibilities for providing health care and education: Units per Year Health Care 400 370 330 270 190 100 0 Education 0 20 40 50 60 70 80 (a) Graph the production possibilities curve. (b) If maximum health care is provided, how much education will be provided? (c) What is the opportunity cost of increasing health care from 270 to 330 units? Problem 4 Assume that total output is determined by the formula: Total Output = Number of Workers x Productivity (a) If the workforce is growing by 1 percent a year but productivity doesn’t improve, how fast can output increase? (b) If productivity increases by 3 percent and the number of workers increases by 1 percent a year, how fast will output grow? Problem 5 According to the News Wire “Inequality,” what is the average per capita income in nations where the highest-income decile gets…
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…
Question 26.26. A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won’t buy it because they don’t like the taste. From an economic perspective, the company should keep the hamburger on the menu because they've spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.
Assume that England and Spain can switch between producing cheese and producing bread at a constant Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread England 2 3 12 8 Spain 3 6 8 4 Assume that England and Spain each has 24 labor hours available. If each country divides its time equally between the production of cheese and bread, then what will be the total production of Cheese and Bread? Check to see if the following combination of Chease and Bread could be produced in England. 6 units of cheese and 4 units of bread. 8 units of cheese and 3 units of bread.
TRUE or FALSE 11. A high fertility rate reduces the per capita income, be it the Gross National Income per Capita or the Gross Domestic Product per capita. 12. The natural environment can bring about an increase or decrease in the population growth rate. 13. Rapid population growth does not necessarily reflect market failure. 14. Urbanization and localized economies lead to resource immobility 15. The most relevant advantage of locating a firm in an Industrial District is knowledge spillover. 16. The K -12 Program added years to basic education but Philippines student learning still lags behind many East Asian countries. 17. Investment in human capital is beneficial in the short run but investment in physical capital is beneficial in the long run. 18. Centralized urbanization leads to underdeveloped peripheral economies. 19. Improving hard infrastructures rather than soft infrastructures is absolutely a…
Agriculture is the backbone of Africa. But Africa has high poverty rate and the a large amount of money is still used to import food items from overseas. Using your knowledge in corporate financial economics and suggests ways private sectors can contribute to the growth of agriculture.explain using the statement given a. As part of corporate social responsibility, the private sector could be contributing or funding the modern equipment used for agriculture. b. In order to enhance the level of productivity and bring a reduction in imports, the operations of agriculture could be funded by the private sector. c. Whenever any special permissions are required to be given with respect to agriculture, the private sectors could tend to partner with the government of the country.
Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising because of technological improvements that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?
Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising due to improvements in technology that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?
Economic Growth can be illustrated graphically with: A. The Production Possibility Curve shifting outward or to the right. B. The Production Possibility Curve shifting inward or to the left. C. A Supply and Demand Curve. D. The Laffer Curve. Economics is defined as: A. the efficient allocation of the scarce means of production toward the satisfaction of human wants. B. the inefficient allocation of the scarce means of production toward the satisfaction of human wants. C. the efficient allocation of the plentiful means of production toward the satisfaction of human wants. D. the efficient allocation of the scarce means of production toward the satisfaction of human needs.
The number of units Q of a particular commodity that will be produced with K thousand dollars of capital expenditure is modeled by Q(K) = 500 . Suppose that capital expenditure varies with time in such a way that t months from now there will be K(t) thousand dollars of capital expenditure, where K(t) = 2t^4 + 3t + 149 / t + 2 (a) What will be the capital expenditure 3 months from now? How many units will be produced at this time?