BoatsCatchMBMSB1004.1606.1808.16010100Marginal Cost - 30 fish1. Fill out the table above.2. Solve for the market outcome. Justify your answer.3. Solve for the efficient outcome. Justify your answer.4. In a "perfect" market self interest leads to efficiency, explain why self interest in this case isinefficient and how it's different from a regular market good.5. What are some solutions that can be applied to move the market outcome to the efficientoutcome?

1. Let's fill the table above. Boats Catch MB(average catch per Boat) MSB(Marginal Catch per Boat…

Answered: Boats Catch MB MSB 100 4. 160 180 160…

Business

Economics

Boats Catch MB MSB 100 4. 160 180 160 10 100

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

Boats
Catch
MB
MSB
100
4.
160
6.
180
8.
160
10
100
Marginal Cost - 30 fish
1. Fill out the table above.
2. Solve for the market outcome. Justify your answer.
3. Solve for the efficient outcome. Justify your answer.
4. In a "perfect" market self interest leads to efficiency, explain why self interest in this case is
inefficient and how it's different from a regular market good.
5. What are some solutions that can be applied to move the market outcome to the efficient
outcome?

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