31 May Question Suppose a lake is publicly owned, i.e. a common property
Question
Suppose a lake is publicly owned, i.e. a common property resource, with free fishing for all. The number of fish caught varies with the number of people fishing as follows:
Labour Total Product
1 13
2 25
3 36
4 46
5 55
6 63
7 70
8 76
9 81
Assume the market price of these fish is $10 per fish, and this price is not affected by the number of fish caught in this lake. Assume that all fishermen can earn $100 per day in their next best alternative. Assume the fishermen share equally in the proceeds of the lake.
a) Explain much fishing will occur in a common property setting.
b) Assume now that the lake is privately owned and the owner hires fishermen for $100 per day. How much fishing would the owner allow?
c) Why is the common property result considered to be inefficient?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.