What is the average profit per boat when there are 10 boats in the fishery?Suppose there are no regulation or cooperation at the Fishery, what will be the Open-Access equilibrium number of boats?What is the Socially Optimal equilibrium number of boats for this fishery? # of Boats1232456789101112133 414Price per tonMC per tripTotal Catch(tons)15304558687785929810110310295901301030TotalRevenue19503900585075408840100101105011960127401313013390132601235011700AverageRevenue195019501950188517681668157914951416131312171105950836MarginalRevnue1950195019501690130011701040910780390260-130-910-650

The total revenue is referring to the total income received in return for economic actions. The relation between revenue and money investments determines the profit of the producer. No. of boats Total catch Total Revenue AR MR TC MC 1 15 1950 1950 1950 1030 1030 2 30 3900 1950 1950 2060 1030 3 45 5850 1950 1950 3090 1030 4 58 7540 1885 1690 4120 1030 5 68 8840 1768 1300 5150 1030 6 77 10010 1668 1170 6180 1030 7 85 11050 1579 1040 7210 1030 8 92 11960 1495 910 8240 1030 9 98 12740 1416 780 9270 1030 10 101 13130 1313 390 10300 1030 11 103 13390 1217 260 11330 1030 12 102 13260 1105 -130 12360 1030 13 95 12350 950 -910 13390 1030 14 90 11700 836 -650 14420 1030 When the boats are 10, the number of catches is 101. Boats=10Catches=101TR=13130MC/trip=1030MC (10 trips)=TC(10)=10300Total Profit=TR-TCTotal Profit=13130-10300=2830Profit per trip=$283 Hence, the average profit per boat is $283. An open access equilibrium is stated when the total revenue and cost are equal. It means that person is earning zero economic profits. Here, at level 12 number of boats, the person is getting benefits where TR equals TC. After this, the fisherman is facing losses. At the socially optimum level, MR is equal to MC. At the 7 number of boats both, the MR and MC are almost equal. Hence, the social optimum is 7 boats. The average profit per boat is $283. At level 12 number of boats, the person is getting open access equilibrium. The social optimum is 7 boats.