Find the price and the total revenue

Assignment Help Business Management
Reference no: EM132336289

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: EM132336289

Questions Cloud

Give examples from the case to explain concept of scarcity : 1. Give examples from the case to explain concept of scarcity, trade off, opportunity cost. 2. List the factors affecting demand and supply from the case
How much principal have you paid over the first 6 ?years : The interest rate is 8?% and you make quarterly? (end-of-quarter) payments of ?$6,960.82. The loan is amortized over 25 years. How much principal have you paid
Definition of market efficiency : Described the following elements: (1) Definition of market efficiency, (2) Availability of information, (3) Arbitrage, (4) Risk versus return, and (5) Indexing.
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
Find the price and the total revenue : Find the price and the total revenue Bart will make each day.
Many job for economics faculty : Why in our country to many job for economics faculty?
Average total cost and average variable cost : What happens to the difference between the value of average total cost and average variable cost?
Determine the key aspects of an entrepreneurial mindset : T/508/0495 Entrepreneurship and Small Business Management Assignment - GBS Global Applied Knowledge, UK. Determine the key aspects of an entrepreneurial mindset
What is the trial-and-error and what-if analysis : Can anyone breakdown/explain what is the Trial-and-Error and What-If Analysis? And how can these tools assist individuals in the business environment?

Reviews

Write a Review

Business Management Questions & Answers

  Market research and its use in a marketing plan

Your task is to collect a total of 7 different examples relating to specific topics that illustrate and provide evidence of 'marketing in action

  Explain developing countries and how they differ

Explain developing countries and how they differ from industrial market economies and How can international trade aid development

  What is the probability that a block

One block is drawn from the first bag and placed into the second one. What is the probability that a block now drawn at random from the second bag

  Analyze the reach and frequency of social media marketing

To find how marketing media builds and maintain good relationships with customers, and obtain high level of customer loyalty.

  Mutually exclusive projects

Consider the following two mutually exclusive projects, project A and project B:

  How the component of the recommended compensation plan shape

How the components of the recommended compensation plan shape a consistent message to employees and summarize the message the plan conveys.

  Project work on marketing management

Instruction: Perform the following questions as per each question instruction and follow-standard paper writing format.

  Research paper on the topic of it management

Write a research paper on the topic of "IT Management". The Research Paper must be at least 6 pages in length, not including the cover page and references.

  What does tri-sector leadership mean

What does tri-sector leadership mean? What characterises successful tri-sector leaders?

  Examine the affordable care act

Examine the Affordable Care Act (ACA) from a legal and ethical perspective pertaining to one aspect of the law affecting cost and cost containment efforts.

  Historical income statement performance for company xyz

Must be completed in an excel document. The following table summarizes historical income statement performance for Company XYZ. Utilizing the historical information provided and the assumptions outlined below, prepare a budget for the upcoming fis..

  Create a systemic approach for any incs compliance

Create a systemic approach (e.g., steps, flow chart, or directions) for ABC Inc.'s compliance with the following federal statutes.

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!

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