Graph the average and marginal revenue for society

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Reference no: EM131312175

1. Draw a depensated growth function that is not critically depensated. Label any stable or unstable equilibria. Discuss whether this function might apply to the growth of some animal stocks.

2. Wild morel mushrooms are a delicacy in soups and salads. The following table shows the number of mushrooms that can be harvested per picker per hour in a fictional forest, depending on the number of pickers.

(a) Assuming that each mushroom sells for $1, graph the average and marginal revenue for society at each level of effort (number of pickers).

(b) Given that the opportunity cost of each picker's time is $10 per hour, label the socially optimal number of pickers and the number of pickers that will enter if the forest is an open-access resource. Explain why the pickers will dissipate the economic rent.

Reference no: EM131312175

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