Question
For the next three questions, assume the Summer Isles lies on a bay that is inhabited by the delectable crustacean, homarus americanus,also known as the
For the next three questions, assume the Summer Isles lies on a bay that is inhabited by the delectable crustacean, homarus americanus,also known as the lobster. The Summer Isles council issues permits to trap lobsters and is trying to determine how many permits to issue. The economics of the situation is this:
- It costs $4,000 dollars a month to operate a lobster boat.
- If there are x boats operating in Summer Isles, the total revenue from all boats from thelobster catch per month will be (x)=1000(20x - x2)
1. If the permits are free of charge, how many boats will trap lobsters in Summer Isles?Please enter a whole number, with no special characters like dollar signs, no space before or after or in between,and no letters.
2. What number of boats maximizes total prots?Please enter a whole number, with no special characters like dollar signs, no space before or after or in between,and no letters
3. If Summer Isles wants to restrict the number of boats to the number that maximizes totalprots,what is the maximum amount it can charge per month for a lobstering permit? Please enter a whole number, with no special characters like dollar signs, no space before or after or in between,and no letters.
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