The 1,850 residents of Great Donut Island are all fishermen. Every morning they go to the nearest port to launch their fishing boats and then return in the evening with their catch. The residents are evenly distributed along the 20-mile perimeter of the island. Each port has a fixed cost of $1,850/day. If the optimal number of ports is 7, what must be the per mile travel cost? Instructions: Round your answer to the nearest penny (2 decimal places).

The 1,850 residents of Great Donut Island are all fishermen. Every morning they go to the nearest port to launch their fishing boats and then return in the evening with their catch. The residents are evenly distributed along the 20-mile perimeter of the island. Each port has a fixed cost of $1,850/day. If the optimal number of ports is 7, what must be the per mile travel cost? Instructions: Round your answer to the nearest penny (2 decimal places).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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