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Consider a fishery with the following production function where L is the number of fishermen and TP (total product) is the total number of fish
Consider a fishery with the following production function where L is the number of fishermen and TP (total product) is the total number of fish caught among all fishermen. L 1 2 3 4 5 6 7 8 9 10 18 34 48 60 70 78 84 88 90 90 The price of fish is $4 and the wage of a fisherman is $40. a. If the fishery is private property, how many fishermen will the owner hire? b. If the fishery is common property, how many people will come to fish? (Assume people fish as a job and not for recreation here.) c. What is the efficient number of fishermen
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