Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter22: Frontiers Of Microeconomics
Section: Chapter Questions
Problem 6PA
Related questions
Question
![Suppose that a forest contains a
population of elk. Individual hunters
living nearby can decide whether or not
to hunt the elk on a given day. The
variable cost of hunting is $30 per day
and elk meat sells for $1 a pound.
Based on the information in the table,
answer the following questions.
a) What is the efficient number of
hunters?
b) How many would hunt if there were
no restrictions placed on hunting?
# of hunters
0
1
2
3
4
5
6
7
8
Total
0
40
114
144
170
180
160
Elk meat (pounds/day)
Average
40
40
36
34
25
20
Marginal
40
34
26
10
-5
-15](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F902e7e06-dd9d-47fe-961b-7a721406cdf1%2F7dbeb2bc-b198-4e2f-b62d-8d3a129252ea%2Fan1ysb_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that a forest contains a
population of elk. Individual hunters
living nearby can decide whether or not
to hunt the elk on a given day. The
variable cost of hunting is $30 per day
and elk meat sells for $1 a pound.
Based on the information in the table,
answer the following questions.
a) What is the efficient number of
hunters?
b) How many would hunt if there were
no restrictions placed on hunting?
# of hunters
0
1
2
3
4
5
6
7
8
Total
0
40
114
144
170
180
160
Elk meat (pounds/day)
Average
40
40
36
34
25
20
Marginal
40
34
26
10
-5
-15
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