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Economics not Accounting

Question 6 1 pts The following table describes the revenue and wages of mushrooms in a local market where from 1-8 mushroom hunters find mushrooms on public land and sell them. Costs include the opportunity cost of the mushroom hunters other possible wages ** If the mushroom hunters were all employed by a single company, how many would that company employ? #mushroom hunters 1 2 3 4 4 5 6 7 8 Total revenue -total 80 120 140 costs 120 80 20 -60 - 160 (Total revenue -total costs)/person 80 60 46.67 30 16 3.333 -8.571 -20 Question 7 1 pts The following table describes the revenue and wages of mushrooms in a local market where from 1-8 mushroom hunters find mushrooms on public land and sell them. The mushroom hunters don't know each other and act competitively. Costs include the opportunity cost of the mushroom hunters best alternative wage ** If the mushroom hunters were each self-employed and acting in their individual best interest, how many would go out hunting? #mushroom hunters 1 2 3 4. 5 6 7 8 Total revenue -total 80 costs 120 140 120 80 20 -60 - 160 (Total revenue -total costs)/person 80 60 46.67 30 16 3.333 -8.571 -20 Question 8 1 pts The following table describes the revenue and wages of mushrooms in a local market where from 1-8 mushroom hunters find mushrooms on public land and sell them. The mushroom hunters don't know each other and act competitively. Costs include the opportunity cost of the mushroom hunters best alternative wage, but do not include externalities. * There is now a negative externality: a social cost where each mushroom hunter creates $20 of environmental damage.(e.g. 5 hunters = $100 in damage) ** Given the negative externality, if the mushroom hunters were each self- employed and acting in their individual best interest, how many would go out hunting? #mushroom hunters 1 2 3 4 5 6 7 8 Total revenue -total 80 120 costs 140 120 80 20 -60 -160 (Total revenue -total costs)/person 80 60 46.67 30 16 3.333 -8.571 -20