Question

In: Economics

Since Wakanda has no access to the ocean, fish is a rare commodity there. Fish can...

Since Wakanda has no access to the ocean, fish is a rare commodity there. Fish can be produced by either fishing it from the lake (wild catch), or faming from the ponds. The quality of fish caught in the like is equal to farm-raised fish. However, the productivity of workers in the ponds is always 2 fishes per hour. The productivity of fishermen depends on how many fisherman are currently fishing:
if there is just one fisherman on the lake, his productivity is 6 fishes per hour per fisherman;
if there are two fishermen on the lake, their productivity is 5 fishes per hour per fisherman;
if there are three fishermen on the lake, their productivity s 4 fishes per hour per fisherman;
if there are four fishermen on the lake, their productivity is 3 fishes per hour per fisherman;
if there are five fishermen on the lake, their productivity is 2 fishes per hour per fisherman;
if there are six fishermen on the lake, their productivity is one fish per hour per fisherman.

There are only 6 fishermen in Wakanda. What is the socially-optimal allocation of fishermen between the lake and ponds? How many fishes will be caught? Briefly explain.

Solutions

Expert Solution

Fisherman at Pond Productivity at lake Productivity at pond
1 6 2
2 5 2
3 4 2
4 3 2
5 2 2
6 1 2
The employment of fisherman between lake and ponds must be until productivity of fishermen is equal between pond and lake. This happens at MP = 2 where fisherman = 5 at lakes and 1 at ponds.

Related Solutions

Since Wakanda has no access to ocean, fish is a rare commodity there.
 Since Wakanda has no access to ocean, fish is a rare commodity there. Fish can be produced by either fishing it from the lake (wild catch), or faming from the ponds. The quality of fish caught in the like is equal to farm-raised fish. However, the productivity of workers in the ponds is always 2 fishes per hour. The productivity of fishermen depends on how many fisherman are currently fishing: if there is just one fisherman on the lake, his productivity...
Consider the following items: a fish fillet served at a restaurant fish in the ocean exotic...
Consider the following items: a fish fillet served at a restaurant fish in the ocean exotic fish in a huge aquarium in a privately-owned building an almost empty free-access garbage dumpster that contains a discarded fish Which of these items is the best example of the club good? Which of these items is the best example of a public good? Briefly explain your choice(s).
A) why level 5" leaders seem to be such a rare commodity? B) Provide at least...
A) why level 5" leaders seem to be such a rare commodity? B) Provide at least five reasons, with detailed explanation?
Ocean fishing for bill fish is very popular in the Cozumel region of Mexico. In the...
Ocean fishing for bill fish is very popular in the Cozumel region of Mexico. In the Cozumel region about 45% of strikes (while trolling) resulted in a catch. Suppose that on a given day a fleet of fishing boats got a total of 29 strikes. Find the following probabilities. (Round your answers to four decimal places.) (a) 12 or fewer fish were caught (b) 5 or more fish were caught (c) between 5 and 12 fish were caught
A population of capelin, a small forage fish, in the Arctic ocean displays two types of...
A population of capelin, a small forage fish, in the Arctic ocean displays two types of colors, black and olive green. In capelin, olive-green is dominant to black. A marine biologist notices changes in the Arctic population after some capelin from a North Atlantic population migrated to the Arctic ocean. Before the migration event, the allele frequency of the black color allele was 0.34 in the Arctic population. After the migration event, the frequency was 0.38. The marine biologist was...
This manufacture of urea is an important process, since urea is an important commodity in fertilizer...
This manufacture of urea is an important process, since urea is an important commodity in fertilizer and plastics production. This equation of the reaction is: CO2(g) + NH3(g) = CO(NH2)2 + H2O This reaction rums in 94% yield. If your production manager shouts at you “Motorola’s case manufacturer needs 450 tons of urea” how much CO2 and NH3(in kg) should you purchase?
Ocean pout, a fish found in cold waters, produce an antifreeze protein that allows them to...
Ocean pout, a fish found in cold waters, produce an antifreeze protein that allows them to survive at near freezing temperatures. Your company plans to genetically engineer bacteria to grow antifreeze proteins to improve the storage of ice cream products a) The vector and PCR product that you will use to clone the antifreeze gene are shown above along with the locations of three different restriction enzyme cut sites Which restriction enzyme (Hindill, BamH1, or EcoR1) will allow you to...
Common terns hover in a stationary position over the ocean watching for a tasty fish. When...
Common terns hover in a stationary position over the ocean watching for a tasty fish. When they see one, they immediately stop their wings and simply free-fall into the ocean to catch the fish. Calculate how long a fish near the surface has to move away after the instant a tern sees it from a height of 3 m above the surface. Repeat Problem above, but now include air resistance. Assume a ball of 3 cm radius with an average...
Certain species of blind fish living in perpetual darkness in the ocean depths have evolved from...
Certain species of blind fish living in perpetual darkness in the ocean depths have evolved from ancestors that could see. Research indicates that the brain centers for vision in these fish is degenerating, whereas the brain centers controlling other senses are enlarging. What might be the MOST probable reason for the loss of vision in these fish? A. exposure to mutagens that caused the loss of vision B. progressive selection of genetic variants in the population leading to blindness as...
Explain the major changes of China's export commodity composition since 1979, and the implication of these...
Explain the major changes of China's export commodity composition since 1979, and the implication of these changes on China and the world. Explain China's trade imbalance with its trading partners. Please answer those two questions in details.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT