Show the equilibrium quantity of fish caught

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Reference no: EM1360104

Use the calculator below to answer the question. The thin vertical line, which is stationary, shows the maximum sustainable catch. The horizontal orange line is the supply curve in this model.

Tool tip: Use your mouse to drag the vertical green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You can also directly change the values in the boxes with the white background by clicking in the box and typing. The graph and any related values will change accordingly.

Suppose that average income in the world and the cost of catching fish are both equal to their initial values, US$5,000 per year for income and US$2,500 per ton for cost.

Drag the vertical green line back and forth to determine the equilibrium quantity of fish caught under these conditions:

A. 50 million tons of fish

B. 40 million tons of fish

C. 25 million tons of fish

D. 30 million tons of fish

Reference no: EM1360104

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