1.2 1. In some coastal town, operating a fishing boat costs $2,000 per month. Suppose that if x boatsoperate in the bay, the total monthly revenue from the boats is $1,000(10x-x²). If there are norestrictions on entry, and if new boats come into the bay until there is zero profit to be made bya new entrant, then the number of boats that enter will be B₁. If the number of boats that operatein the bay is regulated to maximize total profits in the said town, the number of boats in the baywill be B₂.1.2 B₂ is equal to

Profits, in economics are defined as the excess revenue over the total cost . Total cost comprises…

a new entrant, then the number of boats that enter will be B₁. If the number of boats that operate in the bay is regulated to maximize total profits in the said town, the number of boats in the bay will be B₂. 1.2 B₂ is equal to

a new entrant, then the number of boats that enter will be B₁. If the number of boats that operate in the bay is regulated to maximize total profits in the said town, the number of boats in the bay will be B₂. 1.2 B₂ is equal to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1.2

1. In some coastal town, operating a fishing boat costs $2,000 per month. Suppose that if x boats
operate in the bay, the total monthly revenue from the boats is $1,000(10x-x²). If there are no
restrictions on entry, and if new boats come into the bay until there is zero profit to be made by
a new entrant, then the number of boats that enter will be B₁. If the number of boats that operate
in the bay is regulated to maximize total profits in the said town, the number of boats in the bay
will be B₂.
1.2 B₂ is equal to

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