The average price of red snubble is about 8 per kilo and, Ask an Expert

Economics

"The red snubble fishery near Vladivostok in the north Pacfic has been operating for many years in an open access competitive manner. The average price of red snubble is about $8 per kilo, and the fisher people's revenues for catching red snubble just cover their costs.

From fishery data we know that Q (catch) = (620 -E)E
and C (costs) = 360E, where E is the amount of fishing effort

What is the open access amount of fishing effort supplied?
How much red snubble is caught each year?
How much effort should be applied to maximize profits?"

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M965872

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