Assume the relationship between the growth of a fish population and the population size can be represented as g= 8S – 0.2S2, where g is the growth in tons and S is the size of the population (in thousands of tons) a. Given a price of $100 a ton of fish, what is the marginal benefit of smaller population sizes?
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Assume the relationship between the growth of a fish population and the population size can be represented as g= 8S – 0.2S2, where g is the growth in tons and S is the size of the population (in thousands of tons)
a. Given a price of $100 a ton of fish, what is the marginal benefit of smaller population sizes?
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- This is a picture of a farmer's market. A farmer's market is a place where farmers bring their fresh produce to sell to consumers at low prices. Based on the information provided to you, name at least two scarce resources that were probably used to produce the fruits and vegetables shown in the picture. What would happen if one of those resources were no longer available? Choose which resource you want to pretend is no longer available, then provide an example as to how the business would be affected.You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs of chocolate daily at lowest possible cost. Mathematically, you have: Q1 = Quantity produced at Chocolate Factory #1 Q2 = Quantity produced at Chocolate Factory #2 Daily total overall production: Q1 – Q2 = 420 At present, each factory produces half the overall requirement. This means that Q1 = 210, Q2 = 210 a) At present what is the outy produced factory # 01? b) At present the total cost of production of Factory is : TC1(Q) = TC₁(210) = $980.75 What is the total cost of production (in dollars) of Factory #2 TC2(Q) = TC2(210) = $____________ c) When each factory produces 210 kiograms, the average cost of production in Factory 1 is: AC1(210) = 4.67 What is the average cost in Factory 2 AC2(210) = $__________According to the Italian economist Pareto, if I have 200 suppliers, how many suppliers can I expect will represent the majority of my spend?
- If a country opens up for trade, and it ends up importing a good, the net effect of importing that good will be a gain for the economy. the country could end up having a net gain or loss from importing that good, depending on how elastic the curves are. the net effect of importing that good will be a loss for the economy. the country will have to export some other good in order to compensate for the losses incurred by importing this good.A village has 4 farmers. Each summer, all the farmers graze their sheep on the village green. The cost of buying and caring for sheep is very small and can be regarded as 0. The value to a farmer of grazing a sheep on the green when a total of F sheep are grazing is v(F) per sheep: v(F) (price of a sheep) 1 $13 $12 3 $9 4 $7 $4 6+ $0 Suppose you are one of the 4 farmers in the game. Your optimal choice is to own (choose on) farmers chooses to own one (1) sheep. sheep if each of the other three Your optimal choice is to own (choose on). farmers chooses to own one (1) sheep. sheep if each of the other three 1 4.A recent hot issue in Ghana is energy. Suppose the demand for energy is described by Q=50-0.5P and the supply of energy by Q=P-10.(a) Graph the supply and demand curves carefully. Determine the equilibrium price and quantity of energy.(b) Some lawmakers decide that the problem with Ghana is that the price of energy is too high. They propose a bill that would set a price limit of $30 per unit of energy. If enacted, what will be the effect of this law on the quantity of energy supplied and demanded? Is the market on equilibrium? Explain. If not, calculate the shortage/surplus that results.(c) Other lawmakers decide that energy prices are too low and are considering a tax on energy to encourage conservation. What will be the effect on equilibrium price and quantity of a $20 per unit tax on energy, if the tax is collected from suppliers? Show this on the original supply and demand diagram as well.(d) Using the results from part (c) calculate the economic price incidence for suppliers and…