The biological relationship between the growth of the fish population and the size of the fish population is given by the equation:\[ g = 15S(1 - S/5) \]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, represented as:\[ b = 3ES \]where $ E $ is the level of effort. The market price of fish per unit is $100, and the constant marginal cost of effort is $50.We can derive the free-access equilibrium effort level $ E_f $ by setting the net benefits function equal to zero. Then, $ E_f = $ [answer box]. Hint: Write the number in one decimal place.

Given g=15S(1-S5) b=3ES Market Price, P=$100 Marginal Cost of effort (MC) = $50

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. We can derive the free-access equilibrium effort level E f by setting the net benefits function equal to zero. Then, E f = the number in one decimal place. Hint: Write

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. We can derive the free-access equilibrium effort level E f by setting the net benefits function equal to zero. Then, E f = the number in one decimal place. Hint: Write

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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