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"Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the world's 15 million fishermen and 23 million tons of fishing vessels represent twice as much fishing power as major stocks of fish can sustain."
Assume that ocean fishing resembles a competitive market in the following ways...there are no significant barriers to entry and there are enough individual fishermen so that none of them can affect the market price of fish.
a) Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
b) If unregulated competitive markets promote "efficient" patterns of resource use, why has unregulated competition led to such serious over allocation of resources to fishing
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Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
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Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
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Field discusses the key threats to sustainable management of forests and agricultural resources. First summarize these threats. Then,
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