Question 34Refer to the following scenario to answer the following questions.Five fishermen live in a village and have no other employment or income-earning possibilities besidesfishing. They each own a boat that is suitable for fishing but does not have any resale value. Fish are worth$5 per pound, and the marginal cost of operating the boat is $500 per month. They all fish a river next tothe village. According to the following schedule, they have determined that when there are more of themout on the river fishing, they each catch fewer fish per month.Boats Fish Caught perBoat (pounds)2001901754155130How many fishermen will choose to operate their boats?fourfivethreetwoone

Given: Worth of fish=$5 per pound The marginal cost of operating boat per month=$500 To find: Number…

Answered: Refer to the following scenario 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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Why does sharecropping continue to exist as opposed to laborers renting land and paying for the rent with the proceeds of their harvest? Sharecropping is a farming system in which owners of the land allow others to farm it and then the harvest is split, with some portion (let's say half) going to the laborer and some to the land owner. Renting land (the "English system") is an alternative in which laborers pay a fixed monetary rent and then keep all of the proceeds of their production. For hundreds of years commentators have pointed out that sharecropping lowers overall investment and effort and that renting both generates more revenue for owners and, on average, more revenue for laborers due to the harvest generally being much larger. However, when prices drop significantly for agricultural outputs, rents can exceed the total value of output under the English system. Given that in the English system rent returns more money to land owners and on average generates more income for…
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