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In: Economics

The village of Ubanga has two lakes and 20 fishermen. Each fisherman can fish in either...

The village of Ubanga has two lakes and 20 fishermen. Each fisherman can fish in either lake and keep his catch. On lake 1, the total number of fish caught is given by F1=10L1-1/2L1 2 where L1 is the number of people fishing on lake 1. For the other lake, lake 2, the relationship is: F2=5L2

a) If each villager acts independently, how many fish do you expect will be caught in total?

b) If the village chief were to maximize total fish caught, how would she allocate the fishermen?

c) If instead of coercion, the chief were to require a fishing license to fish in Lake 1, what should the price of the license be?

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Expert Solution

Rahul Sunny answered 2 years ago
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