Eric and Kyle are fishermen with different equipment and, as a result, different costs for catching fish. Eric's costs for catching fish ar $1,000 per ton for the first 5 tons and then $2,500 per ton for any additional tons. Kyle can harvest fish at a cost of $3,000 per ton f the first 15 tons and then $1,400 for any additional tons. Instructions: Enter your answers as a whole number. a. If society wants 30 tons of fish and for some reason will allow only one of the two fishers to do all the fishing, which one should society choose if it wants to minimize the cost of catching those 30 tons of fish? Kyle How much will the total cost of catching the fish be? $ 66,000 What will be the average cost per ton for the 30 tons? $ 2,200 O b. If society wants 30 tons of fish and wants them for the least cost regardless of who catches them, how much should Eric and Kyle each catch? Eric: tons Kyle: tons How much will the total cost of catching 30 tons be? 2$ What will be the average cost per ton for the 30 tons? Instructions: Round your answer to 2 decimal places. $

Eric and Kyle are fishermen with different equipment and, as a result, different costs for catching fish. Eric's costs for catching fish ar $1,000 per ton for the first 5 tons and then $2,500 per ton for any additional tons. Kyle can harvest fish at a cost of $3,000 per ton f the first 15 tons and then $1,400 for any additional tons. Instructions: Enter your answers as a whole number. a. If society wants 30 tons of fish and for some reason will allow only one of the two fishers to do all the fishing, which one should society choose if it wants to minimize the cost of catching those 30 tons of fish? Kyle How much will the total cost of catching the fish be? $ 66,000 What will be the average cost per ton for the 30 tons? $ 2,200 O b. If society wants 30 tons of fish and wants them for the least cost regardless of who catches them, how much should Eric and Kyle each catch? Eric: tons Kyle: tons How much will the total cost of catching 30 tons be? 2$ What will be the average cost per ton for the 30 tons? Instructions: Round your answer to 2 decimal places. $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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