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A small village has 14 people. Each can either fish in a nearby lago.pdf

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A small village has 14 people. Each can either fish in a nearby lagoon or work in a factory. Wages in the factory are 4/day. Fish sell in competitive markets for 1 apiece. If L persons fish the lagoon, the total number of fish caught is given by F = 8L 2L2. People prefer to fish unless they expect to make more money working in the factory. (Enter your answers in whole numbers.) a. If people decide individually whether to fish or work in the factory, how many will fish? What will be the total earnings for the village? answer the following Number who fish: Total earnings of the village: /day b. What is the socially optimal number of fishermen? With that number, what will the total earnings of the village be? answer the following Socially optimal number of fisherman: Earnings with this many: /day c. Why is there a difference between the equilibrium and socially optimal numbers of fishermen?.

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A small village has 14 people. Each can either fish in a nearby lagoon or work in a factory. Wages in the factory are 4/day. Fish sell in competitive markets for 1 apiece. If L persons fish the lagoon, the total number of fish caught is given by F = 8L 2L2. People prefer to fish unless they expect to make more money working in the factory. (Enter your answers in whole numbers.) a. If people decide individually whether to fish or work in the factory, how many will fish? What will be the total earnings for the village? answer the following Number who fish: Total earnings of the village: /day b. What is the socially optimal number of fishermen? With that number, what will the total earnings of the village be? answer the following Socially optimal number of fisherman: Earnings with this many: /day c. Why is there a difference between the equilibrium and socially optimal numbers of fishermen?

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A small village has 14 people. Each can either fish in a nearby lago.pdf

  • 1. A small village has 14 people. Each can either fish in a nearby lagoon or work in a factory. Wages in the factory are 4/day. Fish sell in competitive markets for 1 apiece. If L persons fish the lagoon, the total number of fish caught is given by F = 8L 2L2. People prefer to fish unless they expect to make more money working in the factory. (Enter your answers in whole numbers.) a. If people decide individually whether to fish or work in the factory, how many will fish? What will be the total earnings for the village? answer the following Number who fish: Total earnings of the village: /day b. What is the socially optimal number of fishermen? With that number, what will the total earnings of the village be? answer the following Socially optimal number of fisherman: Earnings with this many: /day c. Why is there a difference between the equilibrium and socially optimal numbers of fishermen?