Suppose that a forest contains apopulation of elk. Individual huntersliving nearby can decide whether or notto hunt the elk on a given day. Thevariable cost of hunting is $30 per dayand elk meat sells for $1 a pound.Based on the information in the table,answer the following questions.a) What is the efficient number ofhunters?b) How many would hunt if there wereno restrictions placed on hunting?# of hunters012345678Total040114144170180160Elk meat (pounds/day)Average404036342520Marginal40342610-5-15

The question is based on the economic principles of marginal cost and marginal revenue, which are…

Answered: a) What is the efficient number of…

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Economics

a) What is the efficient number of hunters? b) How many would hunt if there were no restrictions placed on hunting?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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