1 suppose the common fishing production function is fm 11, Ask an Expert

Economics

1. Suppose the common fishing production function is: F(m) = 1.1 m- (0.1)(m^2)

a. What are the total production numbers and individual returns for 2 firms andfor 12 firms?

b. Suppose the market rate of return is 5% (that is , 0.05). Will there still be fishing by 10 firms? Is this tragic or not?

c. Also plot function and show production for 2 and 12 firms.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91724464

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