(Answered) Given that the fishing activity of a bay is described by

Management Studies

Given that the fishing activity of a bay is described by the following:

Boats Total Catch(lbs)

1 60

2 100

3 3130

4 150

5 160

6 150

If fish sell in a perfectly competitive market at $2.5 per pound and the total cost per boat is $90 calculate: (a) the number of boats that would not violate economic efficiency and (b) the actual number of boats under open access.

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