The biological relationship between the growth for the fish population and the size of the fish population is g=15S(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. If we rewrite the sustainable harvest/catch level equation in terms of effort level, E, then we have bg=[a]E-[b]E [C] 3 [None Given] [None Given] Specified Answer for: a Specified Answer for: b Specified Answer for: c

The biological relationship between the growth for the fish population and the size of the fish population is g=15S(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. If we rewrite the sustainable harvest/catch level equation in terms of effort level, E, then we have bg=[a]E-[b]E [C] 3 [None Given] [None Given] Specified Answer for: a Specified Answer for: b Specified Answer for: c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose you have t = 5 hours in total to spend on some projects to make some money. The table below shows how many dollars you can make (Total Revenue) in each of the three projects I, II, III if you spend the corresponding number of hours on that project: How would you allocate your time across the projects?What is the maximum total money you could make?
.A company can sell its only product and in a perfectly competitive market at a price of 15. To produce it, it must purchase two production inputs: labor (x1) and machinery (x2). Initially, the company only has 1 machine and it is not possible to change this in the short term. Inputs are purchased in competitive markets with respective prices (w1, w2) = (5,10). The production function is as follows: 3 2/3 1/3 f(x,x2) a) Present the problem of maximization of the company. b) Find the first order condition that must be solved to find the optimal level of supplies. c) Find the optimal input level x1 that the company must contract in the above problem to maximize your profits.
Please don't copy
For firm A, is the following an internal or external economy of scale? Firm A benefits from lower administration costs per unit as a result of opening a second factory.
A farmer has 1 acre of land. If he uses X pounds of fertilizer he can harvest √x tons of wheat. What is his production function if he has A acres of land and can just replicate the same production process on each piece of land? XXX A * A VXA √XA
How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
Problem 1 - Macroeconomics - please help.
The water Economist has estimated short run water responsiveness function for rice farming under major irrigation condition in the Dry Zone of "x" counry as follows;Y = 21W +30.3W2 – 3W3, Where Y = Output (paddy kg /Acre) , W = irrigation Water (Cubic Meter – m3) a) Determine three stages of this short run production process and graphically show the result. b) Determine rational production stage and what is the maximum and minimum output level of this rational stage. c) Determine the range of water level which is representing the low of diminishing marginal returns.
In your city , each police officer has a budgetary cost of $40000 per year. The property loss for each burglary is $4000. The first offecer hired will reduce crime by 40 burglaries and each additional officer will reduce crime by half as much as the previous one. How many officers should the city hire ? Illistrate with a graph with a marginal benifit curve and a marginal cost curve Can someone answer this correctly with an MC and MB graph? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
For each of the following production functions Q = f(K,L), find the marginal productivity with respect to K and L a) Q = 5KL – 2K² – 2L² at K = 1 and L = 1 %3D 1 b) Q = 0.03K³ – 0.4KL + 0.5L7 at K = 8 and L = 4 -
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs $400, what is the best production method? What method should the company use if the cost of labor rises to $200/unit?
Suppose that widgets can be produced using two different production techniques, A and B. The following table provides the total input requirements for each of five different total output levels. Q=1 Tech. K L 4 1 1 3 A B Total Cost L K Assuming that the price of labor (PL) is $1 and the price of capital (P) is $3, calculate the total cost of production for each of the five levels of output using the optimal (least-cost) technology at each level. To do this, complete the table below by calculating the total cost of production, filling in the missing values using the optimal (least-cost) technology at each level. (Enter your responses as whole numbers.) Q=1 $ 6 Q=2 K L 6 2 2 5 Q=1 Total Cost L K 31 Q=2 $ 11 Q=3 K L 9 4 4 8 How many labor hours (units of labor) would be employed at each level of output? How many machine hours (units of capital)? To answer this, complete the table below for the units of labor and units of capital that would be used to produce each level of output. (Enter…