Five fishermen live in a village and have no other employment or income earning possibilities besides fishing. They each own a boat that is suitable for fishing, but does not have any resale value. Fish are worth $5 per pound and the marginal cost of operating the boat is $500 per month. They all fish in a river next to the village, and they have determined that when there are more of them out there on the river fishing, they each catch less fish per month according to the following schedule: Boats Fish Caught per Boat (pounds) 1 200 2 190 3 175 4 155 5 130 Assume that the fishermen band together and act as a group. With 3 boats total, they will jointly make $ operation cost. Joint profit will be $ Hint: Do not use thousands separators. revenue and pay $ . This will be equally divided among 5 fishermen, each will get $

Five fishermen live in a village and have no other employment or income earning possibilities besides fishing. They each own a boat that is suitable for fishing, but does not have any resale value. Fish are worth $5 per pound and the marginal cost of operating the boat is $500 per month. They all fish in a river next to the village, and they have determined that when there are more of them out there on the river fishing, they each catch less fish per month according to the following schedule: Boats Fish Caught per Boat (pounds) 1 200 2 190 3 175 4 155 5 130 Assume that the fishermen band together and act as a group. With 3 boats total, they will jointly make $ operation cost. Joint profit will be $ Hint: Do not use thousands separators. revenue and pay $ . This will be equally divided among 5 fishermen, each will get $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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