Imagine any number of identical boats can fish along the North Carolina coast. The value of...

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Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V per boat as a function of the number of boats (M) is: V = 50 - 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50-10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Answer: Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V per boat as a function of the number of boats (M) is: V = 50 - 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50-10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Answer: Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V per boat as a function of the number of boats (M) is: V = 50 - 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50-10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Answer: Imagine any number of identical boats can fish along the North Carolina coast. The value of fishing (V per boat as a function of the number of boats (M) is: V = 50 - 5N. The marginal value (MV) to the fishery of an additional boat is: MV = 50-10N. For each boat, the costs of fishing (C) are $10. If the fishery were managed in a way that only the socially efficient # of boats are allowed to enter the fishery, what would be the net value (i.e., total value minus total costs) of the fishery? Answer:

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To find the socially efficient number of boats M we need to equate the marginal value MV to t... View the full answer