How many metric tons of fish could bermuda produce

Reference no: EM13900526

Two important industries on the island of Bermuda are fishing and tourism. According to data from the World Resources Insti- tute and the Bermuda Department of Statistics, in the year 2000 the 307 registered fishermen in Bermuda caught 286 metric tons of marine fish. And the 3,409 people employed by hotels produced 538,000 hotel stays (measured by the number of visi- tor arrivals). Suppose that this production point is efficient in production. Assume also that the opportunity cost of one addi- tional metric ton of fish is 2,000 hotel stays and that this oppor- tunity cost is constant (the opportunity cost does not change).

a. If all 307 registered fishermen were to be employed by hotels (in addition to the 3,409 people already working in hotels), how many hotel stays could Bermuda produce?

b. If all 3,409 hotel employees were to become fishermen (in addition to the 307 fishermen already working in the fish- ing industry), how many metric tons of fish could Bermuda produce?

c. Draw a production possibility frontier for Bermuda, with fish on the horizontal axis and hotel stays on the vertical axis, and label Bermuda's actual production point for the year 2000.

Reference no: EM13900526

Questions Cloud

Summarize an ethical code of conduct in information security : Summarize an Ethical code of conduct in information security

Discuss the impact of missile defense systems : Discuss the impact of missile defense systems deployed in the Arab-Persian Gulf on the rest of the 'wider Middle East'. What are the major Missile Defense issues as they impact Israel, Turkey, and Iran?

Compute the accounts receivable turnover for the year ended : Compute the accounts receivable turnover for the year ended January 29, 2005, and the year ended January 31, 2004. Round to one decimal place.

Make a simple research proposal- : Make a simple research proposal related to the essay provided above and outlining the main stages which is: Stage 1: Clarifying the research question, Stage 2: Proposing research and Stage 3: Designing the research

How many metric tons of fish could bermuda produce : Draw a production possibility frontier for Bermuda, with fish on the horizontal axis and hotel stays on the vertical axis, and label Bermuda's actual production point for the year 2000.

How the initiative affects the organization''s financial plan : How the initiative affects the organization's financial planning

Explain how you would use the concept of comparative : Explain how you would use the concept of comparative advantage to allocate the players. Begin by establishing each player's opportunity cost of free throws in terms of batting average.

Leading positive change : Leading positive change is a management skill that focuses on unlocking positive human potential. With positive change, individuals experience appreciation, collaboration, vitality, and meaningfulness in their work.

Journalize the transactions under the allowance method : Journalize the transactions for 2008 under the allowance method, presuming that the allowance account had a beginning balance of $18,000 and the company uses the analysis of receivables method.

User Account

All Pages