Salmon fishing boats are rented from small marinas on the shores of Loch

Caledonia in Scotland. All marinas are independently owned, equally efficient, and rent

identical boats. Each marina has a U-shaped LR average cost curve with a minimum

value of 10 at q = 20 rentals per day. In addition, both input prices (for bait, gasoline,

etc.) and demand conditions are unaffected by industry scale. Boat rental on Loch

Caledonia is therefore a constant cost competitive industry. The daily demand for rentals

is Q = 300 - 10P, where Q is industry daily rentals and P is market price.

17.Plot and label the market demand and industry long-run supply curves .

18.How much consumer surplus areboat renters as a group receiving?C0 = ___________________

19.Label the area corresponding to this amount "C0".

How much social surplus (i.e., "gainsfrom trade") is this market generating?S0 = ___________________