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What is the efficient number of boats to fish on river

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Reference no: EM132021251

Consider a village where residents have no other employment or income earning possibilities besides fishing. Each resident owns a boat. Fish are worth $2 per pound and the cost of operating a boat is $400 per month. They all can fish in a river next to the village, and they have determined that when there are more of them out there on the river fishing, they all catch less fish per month:

Total amount of fish caught (in pounds) = 1,000E - 10E^2 , where E is the level of fishing effort (the number of boats fishing in the river).

  1. What is the efficient number of boats to fish on this river?
  2. If each fisherman maximizes his own profit, how many fishermen will fish in the river? How much profit will they earn together?

Reference no: EM132021251

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