In the country of Latina, there are 2 lakes and 2!] shermen. Each sherman can sh on either lake and keep the ayerage catch on his particular lake. On Lake X the total number of sh caught is given by: l\"r = lLX 0.5L?\" where LA: is the number of people shing on the lake, For Lake Y, the relationship is F" = ELY. a} Under this organization of society, what will be the total number of sh caught? b} The president of Latina, who has some training in economics, believes that it is possible to raise the total number of sh caught by restricting the number of people allowed to sh on Lake X. What number should be allowed to sh on lake X in order to maximise the total catch of sh? 1What is the number of sh caught in this situation? c) Being basically opposed to ooerciom the president decides to require a shing liceme for lake X. If the licensing procedure is to bring about the optimal allocation oflabour, what should the cost of a license be in terms of sh? d) Does this example prove that a \"competitive" allocation of resources may not be optimal