Author Question: Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal ... (Read 69 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?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

For a complete list of videos, visit our video library