Consider a lake, if the number of fishers is n , each of whom can only catch

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Consider a lake, if the number of fishers is n , each of whom can only catch one fish. The total output of fish is √n . Assume that the cost of fishing for every fisher is c > 0 .

(a) What is the market equilibrium number of fishers?

(b) What is the optimal number of fishers? Show your result in a diagram, compare it with the result of (a) and explain why they are different.

Related Book For answer-question

Elementary Statistics A step by step approach

ISBN: 978-0073386102

8th edition

Authors: Allan Bluman

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Posted Date: Dec 06, 2018 05:56 AM

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Consider a lake, if the number of fishers is n , each of whom can only catch

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Total Revenue for market psqrtn Total cost cn a When market wo... View the full answer

Elementary Statistics A step by step approach

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