principle of economics

lo.utas.edu.au/d21/le/content/347562/viewContent/3490919/View BEAll1 Principles of Economics 1 - Tutorial Exercises 10 Qu. 10* Currently, 25 fishers send one boat each week, to fish a stock of Southern Calamari in Tasmania's state waters. Each boat returns with a catch worth $1100. It costs $1000 per boat per week to send it out fishing for Southern Calamari. Every additional boat beyond 25, that is sent to fish Southern Calamari results in the catch falling by $20 for every boat out fishing Southern Calamari in Tasmania's state waters. a. Joan is one of the 25 fishers and is considering sending out additional boats each week. Joan assumes that all other fishers will continue to send one boat out each. Complete the following table: Number of $ of Fish Total Boat Total Boat Marginal Marginal Boats - Caught / Boat - Price Revenue Cost $/week Revenue Cost Quantity (Q) (TC) $/boat/week | S/boat/week (P) S/week (TR) (MR (MC 0 SO 50 $0 SO $1, 100 $1, 100 $1,000 $1,100 $1,000 2 $1,080 $2, 160 $2.000 $1 060 $1,000 in