Question: can you help me to slove those problems step by step please ? thank you You own two lakes rich in fish. The quantity of
can you help me to slove those problems step by step please ? thank you

You own two lakes rich in fish. The quantity of fish caught in each lake depends on the number of persons who fish in each, according to Q1 = 10N, - 0.1N,2 and Q2 = 16N, - 0.4N,2, where N, and N, denote the number of fishers at each lake. In all, there are N fishers working for you, each of them is paid a wage w, and the price of fish is P. 1. Write down your optimization problem as an optimization problem with a single variable, N. Hint: find N, from the formula N = N, + N,, and replace it in the objective function. 2. Write down the first order condition for this problem. Do not solve the equation yet! 3. The first order condition (which you did not solve yet, right?) implicitly defines the optimal number of fishers in lake 1, N,' as a function of P, w, and N. Use the implicit function theorem to calculate all three partial derivatives of N,. 4. Solve the first order condition to calculate N,. 5. Write down and check the second order condition(s)
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