2 ' pe A. X X Ave A AL I Styles Style: Pane 3. The table below depicts the Marginal Revenue (MR), Marginal Cost (MC), Average Revenue (AR), and Average Cost (AC) per boat for a fishery. Number of Boats MR MC AR AC 0 600 300 0 1 500 300 550 300 2 400 300 500 300 3 300 300 450 300 4 200 300 400 300 5 100 300 350 300 6 0 300 300 300 7 -100 300 250 300 -200 300 200 300 300 c. What license fee is required to move from the open-access equilibrium to the efficient outcome? f. Instead of a license fee, the government could issue permits to move from the open-access equilibrium to the efficient outcome. How many permits should the government issue to ensure the number of boats is the same as the efficient outcome? g. Why will a common property resource be over-fished or over-harvested? Your answer should include whether a common property resource is rival or non-rival, and excludable or non-excludable. 2 ' pe A. X X Ave A AL I Styles Style: Pane 3. The table below depicts the Marginal Revenue (MR), Marginal Cost (MC), Average Revenue (AR), and Average Cost (AC) per boat for a fishery. Number of Boats MR MC AR AC 0 600 300 0 1 500 300 550 300 2 400 300 500 300 3 300 300 450 300 4 200 300 400 300 5 100 300 350 300 6 0 300 300 300 7 -100 300 250 300 -200 300 200 300 300 c. What license fee is required to move from the open-access equilibrium to the efficient outcome? f. Instead of a license fee, the government could issue permits to move from the open-access equilibrium to the efficient outcome. How many permits should the government issue to ensure the number of boats is the same as the efficient outcome? g. Why will a common property resource be over-fished or over-harvested? Your answer should include whether a common property resource is rival or non-rival, and excludable or non-excludable