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Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. Suppose lobstermen could limit the number of traps permitted. How many traps should be permitted, if Australia wanted to maximize overall profits from lobstering? How many lobsters would be harvested? What would total profits be from lobstering?

Microeconomics, Economics

  • Category:- Microeconomics
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