1. In some coastal town, operating a fishing boat costs $2,000 per month. Suppose that if x boats operate in the bay, the total monthly revenue from the boats is $1,000(10x-x²). If there are no restrictions on entry, and if new boats come into the bay until there is zero profit to be made by a new entrant, then the number of boats that enter will be B₁. If the number of boats that operate in the bay is regulated to maximize total profits in the said town, the number of boats in the bay will be B₂. 1.1 B₁ is equal to

1. In some coastal town, operating a fishing boat costs $2,000 per month. Suppose that if x boats operate in the bay, the total monthly revenue from the boats is $1,000(10x-x²). If there are no restrictions on entry, and if new boats come into the bay until there is zero profit to be made by a new entrant, then the number of boats that enter will be B₁. If the number of boats that operate in the bay is regulated to maximize total profits in the said town, the number of boats in the bay will be B₂. 1.1 B₁ is equal to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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