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A competitive fishing industry consists of five independently owned and operated fishing boats working out of the port of Ithaca. Assume that no other fishermen
A competitive fishing industry consists of five 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 a 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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