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Author Question: Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal ... (Read 237 times)

CORALGRILL2014

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on: Jun 18, 2019
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
Microeconomics ¦ Perloff ¦ 8th Edition
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matt

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Reply #1 on: Jun 18, 2019
P = $13, Q = 620


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CORALGRILL2014

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Reply #2 on: Jun 18, 2019
Excellent


matt

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Reply #3 on: Jun 18, 2019
Great! Please up vote :D


kamilo84

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Reply #4 on: Jun 18, 2019
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


anoriega3

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Reply #5 on: Jun 18, 2019
P = $8.5, Q = 890


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