Author Question: Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal ... (Read 91 times)

CORALGRILL2014

  • Hero Member
  • *****
  • Posts: 525
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where and P = price of a fishing license, and the demand for fishing licenses is . What is the equilibrium price and quantity of fishing licenses when L = 1,000?
◦ P = $13.5, Q = 590
◦ P = $13.5, Q = 591
◦ P = $13, Q = 620
◦ P = $8.5, Q = 890



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

matt

  • Sr. Member
  • ****
  • Posts: 344

kamilo84

  • Sr. Member
  • ****
  • Posts: 495
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where and P = price of a fishing license, and the demand for fishing licenses is . What is the equilibrium price and quantity of fishing licenses when L = 10,000?
◦ P = $13.5, Q = 591
◦ P = $13, Q = 620
◦ P = $13.5, Q = 590
◦ P = $8.5, Q = 890




 

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

For a complete list of videos, visit our video library