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) 200 190 175 1 2 3 4 5 155 130 If each fisherman acts in his own best interest, his average cost is the same as $ continue operating his boat as long as his Thus, there will be . Each fisherman will is positive. If he catches 130 fish, his profit is boats in the river.

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) 200 190 175 1 2 3 4 5 155 130 If each fisherman acts in his own best interest, his average cost is the same as $ continue operating his boat as long as his Thus, there will be . Each fisherman will is positive. If he catches 130 fish, his profit is boats in the river.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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