What is the number of fishing trip that will occur in the SOCIALLY OPTIMAL equilibrium? Table below describes an open-access fishery.Total CatchAverageFishing tripsTotal Revenue(tons)Revenue115225022502304500225034567502250460900022507511250225085126962116794141002014899148501856104156001733101051575015751110315450140512981470012251395142501096149013500964Price per ton150MC per trip1350

Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

Table below describes an open-access fishery. Total Catch Average Revenue Fishing trips Total Revenue (tons) 1 15 2250 2250 2 30 4500 2250 3 45 6750 2250 4 60 9000 2250 75 11250 2250 6. 85 12696 2116 7 94 14100 2014 99 14850 1856 9 104 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 МС per trip 1350 CO

Table below describes an open-access fishery. Total Catch Average Revenue Fishing trips Total Revenue (tons) 1 15 2250 2250 2 30 4500 2250 3 45 6750 2250 4 60 9000 2250 75 11250 2250 6. 85 12696 2116 7 94 14100 2014 99 14850 1856 9 104 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 МС per trip 1350 CO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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