Suppose you manage a fishing boat in St Helens that has a license to fish and...
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Suppose you manage a fishing boat in St Helens that has a license to fish and sell Banded Morwong. Each fishing trip costs $1000. Over the last year you have recorded data and noted the total benefit or revenue from the number of trips per week fishing for Banded Morwong. a. b. Number of Trips per week Total Revenue $/week 0 $0 1 $1,200 $2,320 $3,360 $4,320 $5,200 5678AWNH 2 3 4 $6,000 $6,720 $7,360 8 Calculate the marginal revenue (or marginal benefit) for 0, 1,2, 3, 4, 5, 6, 7 and 8 fishing trips per week. (15 marks) How many fishing trips per week should be made in order to maximise profit? Explain your reasoning and show any calculations you made to determine your answer. (15 marks) Suppose you manage a fishing boat in St Helens that has a license to fish and sell Banded Morwong. Each fishing trip costs $1000. Over the last year you have recorded data and noted the total benefit or revenue from the number of trips per week fishing for Banded Morwong. a. b. Number of Trips per week Total Revenue $/week 0 $0 1 $1,200 $2,320 $3,360 $4,320 $5,200 5678AWNH 2 3 4 $6,000 $6,720 $7,360 8 Calculate the marginal revenue (or marginal benefit) for 0, 1,2, 3, 4, 5, 6, 7 and 8 fishing trips per week. (15 marks) How many fishing trips per week should be made in order to maximise profit? Explain your reasoning and show any calculations you made to determine your answer. (15 marks)
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a The marginal revenue or marginal benefit is the additional revenue generated by each additional fi... View the full answer
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Posted Date:
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