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3. There are 12 fishermen. In order to fish, each fisherman who decides to do so has to rent a boat for $25 a day. If x fishermen fish, each catches 120/x pounds of fish per day (so x can only be an integer). Each pound of fish could be sold for $1. a) If all fishermen decided whether to fish individually, what will be the total number of them fishing? b) What is the socially optimal number of fishermen?

3. There are 12 fishermen. In order to fish, each fisherman who decides to do so has to rent a boat for $25 a day. If x fishermen fish, each catches 120/x pounds of fish per day (so x can only be an integer). Each pound of fish could be sold for $1. a) If all fishermen decided whether to fish individually, what will be the total number of them fishing? b) What is the socially optimal number of fishermen?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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3. There are 12 fishermen. In order to fish, each fisherman who decides to do so has to rent a boat for $25 a day. If x fishermen fish, each catches 120/x pounds of fish per day (so x can only be an integer). Each pound of fish could be sold for $1. a) If all fishermen decided whether to fish individually, what will be the total number of them fishing? b) What is the socially optimal number of fishermen?
Transcribed Image Text:3. There are 12 fishermen. In order to fish, each fisherman who decides to do so has to rent a boat for $25 a day. If x fishermen fish, each catches 120/x pounds of fish per day (so x can only be an integer). Each pound of fish could be sold for $1. a) If all fishermen decided whether to fish individually, what will be the total number of them fishing? b) What is the socially optimal number of fishermen?
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