Maximum profit per period in this fishery

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Reference no: EM1315371

Q. The catch-effort function for a Dover sole, a fish species, is given by: Q(t)=600E(t)-3E(t)^2,where Q is catch also E is effort. The price per unit also cost per unit effort are given by P = 5 also c = 1,500. If a numerical answer is not a whole number, round off to 1 decimal place.
Indicate the letter which corresponds to the correct answer, using this list of possible answers (you may utilize a given letter in more than one question):

A. 100 B. 37,500 C. 50 D. 2500 E. 30,000

1. Illustrate what is the maximum sustainable yield for this species?

2. Illustrate what effort level would occur with open access (free entry)?

3. Illustrate what catch would occur with open access (free entry)?

4. Illustrate what effort level would maximize profit per period?

5. Illustrate what is the maximum profit per period in this fishery?

Reference no: EM1315371

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