Choose correct option ASAP. Plz Use the following bioeconomic information to answer ihe next three questions.Assume harvest (H) as a function of fishing effort (E) for a hypothetical lobster fishery can berepresented by the following quadratic equation:H- 6E – 0.00002E?where H is the annual landings (or harvest) in pounds of lobster and E is the annual number oftraps set (or fishing effort). Assume further that Total Cost (TC) is a linear function of fishingeffort; that is TC- CE. If the price of lobsters is P- $2 per pound and the marginal cost offishing effort is e= S3 per trap, answer the next three questions. Question 15Given the above bioeconomic information, find the open-access equilibrium level of effort(Eo) and harvest (Hoa).O EoA - 75,000 traps and Hos - 337,500 pounds.O EDA- 150,000 traps and Ho- 450,000 pounds.O Eo4" 22.500 traps and HOA - 124,875 pounds.O EoA- 225,000 traps and Hou- 675,000 pounds.O EoA = 225,000 traps and Hoa - 337,500 pounds.

Given: H=6E-0.00002E2 TC=cE P=$2 per pound c=$3 per trap

Given the above bioeconomic information, find the open-access equilibrium level of effort (Eo) and harvest (Ho). O EoA- 75,000 traps and Hoa- 337,500 pounds. O Eo-150,000 traps and Ho-450,000 pounds. O Eo4" 22,500 traps and Ho4 -124,875 pounds. O FoA-225,000 traps and Ho- 675,000 pounds. EoA EOA - 225,000 traps and HoA-337,500 pounds.

Given the above bioeconomic information, find the open-access equilibrium level of effort (Eo) and harvest (Ho). O EoA- 75,000 traps and Hoa- 337,500 pounds. O Eo-150,000 traps and Ho-450,000 pounds. O Eo4" 22,500 traps and Ho4 -124,875 pounds. O FoA-225,000 traps and Ho- 675,000 pounds. EoA EOA - 225,000 traps and HoA-337,500 pounds.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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