Lionfish is an aquatic invasive species in the southeastern U.S. ...

[CORALGRILL2014]

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

[matt]

P = $13, Q = 620

[CORALGRILL2014]

Excellent

[matt]

Great! Please up vote

[kamilo84]

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]

P = $8.5, Q = 890