User Account

All Pages

Find the optimum fish catch for bart

Assignment Help Business Economics
Reference no: EM132339262

Question

Bart is a fisherman in Rend Lake Illinois and has a job paying $100/day. He has to decide whether to work at the store or fish in the lake and sell the fish. Demand for fish is Qd = 1000 - 2P per day where, P is price per kilo and Qd is quantity demanded.

a) Assume the Rend Lake is a public property and find the optimum fish catch for Bart.

b) Find the price and the total revenue Bart will make each day.

c) Suppose Bart owned Rend Lake. Find the optimum catch per day and show that in this situation fish will last longer.

Reference no: EM132339262

Questions Cloud

Write paper with global communication as your topic : Write a 3-5 page paper with global communication as your topic. It just needs to involve global communications in some way
Analyse the benefits of using ict in health and social care : HNC/D Health and Social Care-COMMUNICATING IN HEALTH AND SOCIAL CARE ORGANISATIONS-T/601/1560-How communication skills are used in health and social care.
Produce a professional report exploring the different food : HM506 - Assessment: Catering Systems - Explore diffrent catering systems and equipment used for food and beverage production and service
Advantage of the efficient market hypothesis : Discussed the following topics in discussing how to make a profit by taking advantage of the Efficient Market Hypothesis:
Find the optimum fish catch for bart : Assume the Rend Lake is a public property and find the optimum fish catch for Bart.
How much will the equilibrium number of portable radios : If each portable radio imposes $3 per day in noise costs on others, by how much will the equilibrium number of portable radios rented exceed the socially
Happens to difference between value of average total : What happens to the difference between the value of average total cost and average variable cost?
Draw a supply and demand for reserves graph : Draw a supply and demand for reserves graph where there is no discount lending and no interest paid on reserves.
Draw a graph for the supply and demand for reserves : Draw a graph for the supply and demand for reserves where there is discount lending and the interest rate on reserves is between is between zero

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd