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

In your "toast" production function, you used your labor and a toaster as capital. Keeping capital constant, i.e., with only one toaster if you keep adding the labor, i.e., bring your friends to help you with making toasts, which of the following might happen? Group of answer choices Marginal returns to labor will be a constant. Marginal returns to labor will keep decreasing and, after a point, it will become negative. Marginal returns to labor will keep increasing. Marginal returns to labor will keep increasing and then be a constant.
Given the production function Q=100 L.K and cost budget3D1000JD ; w (price per unit of labor)=8;r (price per unit of capital) =1. find the optimal quantity of capital? Oa. 500 units b. 40 units Oc. 100 units d. 62.5 units
Consider the following production function: Q = 100L0.5K0.5 subject to the budget constraint 5L + 10K = 75; where L is labour and K is capital. Derive the capital to labour ratio.
Stuck on question for hours. Question in Image attachment. Thanks for your help :)
To be efficient, outputs should be produced that minimize total cost. True or false
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.
suppose noW that the firm must pay a fixed cost of ē > 0 in order to produce (e.g., this could be the cost of buying a manufacturing plant). If the firm chooses not to produce at all, it does not incur the fixed cost. If it chooses to produce any strictly positive quantity, it must incur the full fixed cost of č. Suppose p = w = r = 4. When will the firm choose to produce a strictly positive amount of the good Y? Write down the firm's supply and profit functions.
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.
1. Inputs K, L, R and M cost £10, £6, £15 and £3 respectively per unit. What is the cheapest way of producing an output of 900 units if a firm operates with the production function Q = 20K0.4L0.3R0.2M0.25? 2. Make up your own constrained optimization problem for an objective function with three variables and solve it. 3. A firm faces the production function Q = 50K0.5L0.2R0.25 and is required to produce an output level of 1,913 units. What is the cheapest way of doing this if the per-unit costs of inputs K, L and R are £80, £24 and £45 respectively?
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