Time left 0:20:03The fishing industry in Maine has the following total product scheduleThe marginal cost (MC) of operating each boat is $50 per day.The price of each fish to a fisherman is $1.Effort(boats)1234Fish75125150125Caught perDayTRTCMRARMCDIf the fishery is unregulated, how much effort (boats) many boats will enter the industry?a.1Ob. 2C.3d.4

In the uncontrolled fishing business, the number of boats and their corresponding marginal costs…

Answered: Time left 0:20:03 The fishing industry…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 11SCQ: The state of Colorado requires oil and gas companies who use fracking techniques to retune the land...

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Activity Frame A 2191 A 1878 1565 n 1252 939 626 0 A + + 0 5 10 TOTAL REVENUE (Dollars) 3130 2817 2504 MARGINAL REVENUE (Dollars) 313 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th unit produced is $ 250 Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. 225 200 175 150 125 100 75 50 25 0 15 20 25 30 35 40 QUANTITY (Number of units) -25 -50 0 A 45 50 5 10 15 Total Revenue 20 25 30 35 QUANTITY (Units) 40 45 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is…
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DECREASING MARGINAL COST OCCUR FROM 0 TO20 TONS OF STEEL BECAUSE THE WORKERS A. WORK OVERTIME B. PRODUCE OUTPUT C. EARN A SALARY D. SPECIALIZE. ONLY TYPED SOLUTION
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nave an equai numper or tnree types or customers, ana tnat tnese customers reservation prices are as IImustratea in tne figure peiow. Printer Bundle Laptop $850 $1,000 $600 Customer A $100 $150 $50 $950 $1,150 $650 Customer B Customer C Assume for simplicity the marginal cost of production for laptops and printers is zero. If the firm were to charge only individual prices (not use the bundle price), what prices should it set for its laptops and printers to maximize profit? Assuming for simplicity that the firm has only one customers of each type, how much does it earn in total? To maximize profit using individual prices, the firm should charge a price for laptops of p= 600 and a price for printers of p= 100 (Enter your responses as whole numbers.) In turn, profit is T= $ 2000|. (Enter your response as a whole number.) After conducting a costly study, an outside consultant claims that the company could make more money from its customers if it sold laptops and printers together as a…
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