Actual number of boats under open access

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Reference no: EM131723358

Given that the fishing activity of a bay is described by the following:

Boats            Total Catch(lbs)     

1                          60

2                         100

3                         3130

4                         150

5                         160

6                         150

If fish sell in a perfectly competitive market at $2.5 per pound and the total cost per boat is $90 calculate: (a) the number of boats that would not violate economic efficiency and (b) the actual number of boats under open access.

Reference no: EM131723358

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