On the island of Pago Pago there are 2 lakes and 20 anglers. Each angler can fish
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On the island of Pago Pago there are 2 lakes and 20 anglers. Each angler can fish on either lake and keep the average catch on his particular lake. On Lake x, the total number of fish caught is given by F* = 10% - 1, where, is the number of people fishing on the lake. For Lake y, the relationship is F = 51,-
a. Under this organization of society, what will be the total number of fish caught?
b. The chief of Pago Pago, having once read an economics book, believes it is possible to raise the total number of fish caught by restricting the number of people allowed to fish on Lake x.
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Related Book For
Microeconomic Theory Basic Principles And Extensions
ISBN: 9780324585377
10th Edition
Authors: Walter Nicholson, Christopher M. Snyder
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