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Marine Economics: For the following problem, fill in the blanks. The cost per boat is constant at $2,000. The price per pound is $1,000.
Marine Economics: For the following problem, fill in the blanks. The cost per boat is constant at $2,000. The price per pound is $1,000. a. Given this information complete the following table, pay attention to the units of measurement. Revenue and Costs for Fishery Number of boats (Q in hundreds) 1 2 3 4 5 6 7 8 9 10 11 12 13 Total fish catch (hundreds of pounds) 5 10 15 19 22 24 25 24 21 18 14 10 10 5 Total value of catch (TR) (TR is millions of $) Total costs (TC in millions of $) Total net revenue (TNR in millions of $) Marginal revenue (MR in thousand $) Revenue per boat (AR) (AR in thousand $) Cost per boat (in thousand $) Net revenue per boat (in thousand $) b. Given the above information, assuming there is no charge to entry, how many boats will enter? Why? C. What is the socially efficient number of boats and why? d. To obtain the socially efficient outcome, what should be charged as a license fee for entry to the fishery?
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