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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

63
3 Calculate the income taxes that a person has to pay considering the table below- If a person's income is $6,500, how much does he pay in taxes? If a person's income is $13,500, how much does she pay in taxes? (a) (b) Taxable Up to $5,000 $5,001-$10,000 $10,001-$15,000 Income Taxes 10% of taxable income 14% of taxable income 16% of taxable income
E2
Price of X = $2 Income $24 = Price of Y=$4 Qx TUX MUX MUx/Px Qy TUY MUY MUy/Py 1 24 24 2 46 24 24 12 1 40 040 10 2 72 3 20 20 3 100 4 A 9 4 5 dings 5 100 16 5 16 4 6 114 6 144 es The correct value for the blank labeled A is