QUESTION 8 The biological relationship between the growth for the fish population and the size of the fish population is g= 155(1-S/5) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b=3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $50. We can derive the free-access equilibrium effort level Ef by setting the net benefits function equal to zero. Then, Ef= number in one decimal place. Hint: Write the

QUESTION 8 The biological relationship between the growth for the fish population and the size of the fish population is g= 155(1-S/5) where g is the growth of the fish population and S is the size of the population. The size of the harvest is a function of the amount of human effort expended b=3ES where E is the level of effort. Market price of fish per unit is $100 and a constant marginal cost of effort is $50. We can derive the free-access equilibrium effort level Ef by setting the net benefits function equal to zero. Then, Ef= number in one decimal place. Hint: Write the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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