t is the number of fishing trip that will occur in the OPEN-ACCESS equilibrium?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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What is the number of fishing trip that will occur in the OPEN-ACCESS equilibrium?

 

Table below describes an open-access fishery.
Total Catch
Average
Fishing trips
Total Revenue
(tons)
Revenue
1
15
2250
2250
2
30
4500
2250
3
45
6750
2250
4
60
9000
2250
75
11250
2250
85
12696
2116
7
94
14100
2014
8
99
14850
1856
104
15600
1733
10
105
15750
1575
11
103
15450
1405
12
98
14700
1225
13
95
14250
1096
14
90
13500
964
Price per ton
150
MC per trip
1350
Transcribed Image Text:Table below describes an open-access fishery. Total Catch Average Fishing trips Total Revenue (tons) Revenue 1 15 2250 2250 2 30 4500 2250 3 45 6750 2250 4 60 9000 2250 75 11250 2250 85 12696 2116 7 94 14100 2014 8 99 14850 1856 104 15600 1733 10 105 15750 1575 11 103 15450 1405 12 98 14700 1225 13 95 14250 1096 14 90 13500 964 Price per ton 150 MC per trip 1350
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