D. England coastal community is given by MSB = 40 – 1.5*q, and the marginal cost is MSC = 0.5*q; where q is thousand tons of fish harvested in the current year, and MSB and MSC are measured in million dollars. Assume overfishing will reduce the productivity and the fishery and specifically each thousand tons of fish harvested this year will reduce the present value of future benefits by 4 million dollars, that is the marginal user cost MUC = 4. Determine the quantity of output that achieves static efficiency. Determine the quantity of output that achieves dynamic efficiency. The marginal social benefits generated from commercial fishing in an New %3D a. b.

D. England coastal community is given by MSB = 40 – 1.5q, and the marginal cost is MSC = 0.5q; where q is thousand tons of fish harvested in the current year, and MSB and MSC are measured in million dollars. Assume overfishing will reduce the productivity and the fishery and specifically each thousand tons of fish harvested this year will reduce the present value of future benefits by 4 million dollars, that is the marginal user cost MUC = 4. Determine the quantity of output that achieves static efficiency. Determine the quantity of output that achieves dynamic efficiency. The marginal social benefits generated from commercial fishing in an New %3D a. b.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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