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5. Suppose there is a body of water where lobster are caught. If it boats are in the waters then the revenue from catching lobster

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5. Suppose there is a body of water where lobster are caught. If it boats are in the waters then the revenue from catching lobster is 1, 000(10b 132) a. If you know that there are 4 boats in the water when the number of boats is limited in order to maximize combined prots, what is the cost of a boat? Briefly explain.(ll} points) b. Suppose now that there are no restrictions on new boats coming in and individuals will keep on bringing boats into the waters until prots are equal to $0. [1' the marginal cost of a boat is 51,000, how many boats will be brought into the waters? (The revenue function is still 1, 000121011 b2) and ignore the number of boats given in part 'a') Briey.r explain. (Ill points)

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