Depending on whether Van and Carlos both choose to hunt either nonintensively or intensively, fill in Paolo's profit-maximizing response in thefollowing table, given Van and Carlos's actions.Van and Carlos's ActionsHunt NonintensivelyHunt IntensivelyPaolo's Profit-Maximizing ResponseWhich of the following solutions could ensure that the recreational wildlife game area is sustainable in the long run, assuming that the regulation isenforceable? Check all that apply.O Convert the recreational wildlife game area to private property, and allow the owner to sell hunting rights.Outlaw intensive hunting.O Develop a program that entices more hunters to move to the area.O O O 6. Common resources and the tragedy of the commonsPaolo, Van, and Carlos are hunters who live next to a recreational wildlife game area that is open to hunting; in other words, anyone is free to use therecreational wildlife game area for hunting. Assume that these men are the only three hunters who hunt in this recreational wildlife game area andthat the recreational wildlife game area is large enough for all three hunters to hunt intensively at the same time.Each year, the hunters choose independently how often to hunt; specifically, they choose whether to hunt intensively (that is, to set several traps andhunt long hours, which hurts the sustainability of the recreational wildlife game area if enough people do it) or to hunt nonintensively (which does nothurt the sustainability of the recreational wildlife game area). None of them has the ability to control how much the others hunt, and each huntercares only about his own profitability and not about the state of the recreational wildlife game area.Assume that as long as no more than one hunter hunts intensively, there are enough animals to restock the recreational wildlife game area. However,if two or more hunt intensively, the recreational wildlife game area will become useless in the future. Of course, hunting intensively earns a huntermore money and greater profit because he can sell more animals.The recreational wildlife game area is an example of a common resourcebecause the animals in the recreational wildlife game area arev and

The ‘common resources’ are scarce in nature. These are ‘rival & ‘non-excludable’.…

Answered: th choose to hunt either nonintensively…

th choose to hunt either nonintensively or intensively, fill in Pac tions. Van and Carlos's Actions Hunt Nonintensively Hunt Intensively

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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