Qu y Denmanded h Quantiry Supettedon tce per ten $11. 00 12.000 27000 $11.35 15.000 24.000 $10.90 18,000 21,000 $10.45 21,000 18,000 $10.00 24,000 15,000 $9.55 27,000 12,000 Suppose the average fisherman can catch 100,000 pounds of Bluefin tuna every year. What is the value of a Bluefin tuna fishing license? O 135000 O 113500 540000 100000 O 270000

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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**Transcription and Explanation for Educational Use**

This document includes a table that provides data on the price per ton of Bluefin tuna, the quantity demanded, and the quantity supplied at various price points.

### Table Data:

| Price per ton | Quantity Demanded (pounds) | Quantity Supplied (pounds) |
|---------------|----------------------------|----------------------------|
| $11.80        | 12,000                     | 27,000                     |
| $11.35        | 15,000                     | 24,000                     |
| $10.90        | 18,000                     | 21,000                     |
| $10.45        | 21,000                     | 18,000                     |
| $10.00        | 24,000                     | 15,000                     |
| $9.55         | 27,000                     | 12,000                     |

### Examination Question:

The text below the table proposes a scenario for analysis:

"Suppose the average fisherman can catch 100,000 pounds of Bluefin tuna every year. What is the value of a Bluefin tuna fishing license?"

### Answer Options:

- ○ 135000
- ○ 113500
- ○ 540000
- ○ 100000
- ○ 270000

This table and question aim to explore the concepts of supply and demand, helping students understand how these economic principles affect pricing and licensing value in real-world scenarios such as the fishing industry. The learner is expected to analyze the table, consider the quantity that can be caught, and determine the appropriate value based on the given data.
Transcribed Image Text:**Transcription and Explanation for Educational Use** This document includes a table that provides data on the price per ton of Bluefin tuna, the quantity demanded, and the quantity supplied at various price points. ### Table Data: | Price per ton | Quantity Demanded (pounds) | Quantity Supplied (pounds) | |---------------|----------------------------|----------------------------| | $11.80 | 12,000 | 27,000 | | $11.35 | 15,000 | 24,000 | | $10.90 | 18,000 | 21,000 | | $10.45 | 21,000 | 18,000 | | $10.00 | 24,000 | 15,000 | | $9.55 | 27,000 | 12,000 | ### Examination Question: The text below the table proposes a scenario for analysis: "Suppose the average fisherman can catch 100,000 pounds of Bluefin tuna every year. What is the value of a Bluefin tuna fishing license?" ### Answer Options: - ○ 135000 - ○ 113500 - ○ 540000 - ○ 100000 - ○ 270000 This table and question aim to explore the concepts of supply and demand, helping students understand how these economic principles affect pricing and licensing value in real-world scenarios such as the fishing industry. The learner is expected to analyze the table, consider the quantity that can be caught, and determine the appropriate value based on the given data.
Expert Solution
Step 1

Limit the tuna fishing to a total of 15,000 tons per year.

15,000 tons of tuna fish demanded at a price of $11.35 per pound

15,000 tons of tuna fish supplied at a price of $10 per pound.

Quota rent per pound = $11.35 - $10

=> Quota rent per pound = $1.35

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