Question

Below is a schedule which gives the total number of fish caught from a particular lake for any particular number of fisherman that fish there in a day. 

The price of a fish is $10 each and people can earn $80 per day working other jobs. [For the purpose of this problem assume that people fish as a job and not for recreation.] Assuming that all fishermen are equal and so the expected number of fish caugh10 t by each one is the same (so they each expect to catch the average number of fish for any number of fishermen) and anybody who wants to can come fish at this lake, how many people would you expect to fish per day? 

If you owned the lake and could choose how many fishermen to hire for $80 per day and you could sell the fish for $10 each, how many fishermen would you hire and how much profit would you make?

Answer 1