Question: Please answer the two questions below using the following information: A competitive fishing industry consists of 5 independently owned and operated fishing boats working out

Please answer the two questions below using the following information: A competitive fishing industry consists of 5 independently owned and operated fishing boats working out of the port of Ithaca. Assume that no other fishermen fish Cayuga Lake, and that the MC of operating the boat for 1 day is equivalent to the value of 72 pounds of fish. (A boat left idle generates no costs.) The total catch in pounds, is given in the following table as a function of the number of boats fishing:

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