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Fishermen will operate in industry

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Newfoundland codfish sells at a competitively determined price of $10 per kilo. It costs a fisherman $1000 to operate his boat for one season. The total (province wide) catch of codfish (in kilos) is given by Q = 500N - N^2 where N is the number of fisherman. This means that each fisherman catches q = Q/N = 500 - N.

In absence of central planning, how many fishermen will operate in this industry? If the government were to control the fishing industry, and harvest the fishing grounds at a socially optimal rate so as to maximize the number of fish caught, how many fishermen would be employed? If the government were to charge a lump sum, annual license fee (in dollars) which sought to discourage over fishing how high should this fee be set in order to maximize the number of fish caught?

Reference no: EM131301555

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