Andy and Amy are fishing in the same pond this year and next year. There are20 fish in the pond now, and every fish left un-caught after this year will turninto 1.5 fish next year. Assume that, at the end of next year, they will catch anyremaining fish and split them evenly. Assume a fish this year is worth exactly asmuch as a fish next year.

In fish, what is the marginal private benefit of catching one fish this year?

What is the marginal private cost of catching one fish this year?

What is the marginal social cost of catching one fish this year?

How many fish will be caught this year?

What is the efficient number of fish to catch this year?