The town of Wiknam has 5 residents whose only activity is producing and consuming fish. They produce fish in two ways. Each person who works on a fish farm raises 2 fish per day. Each person who goes fishing in the town lake catches X fish per day. X depends on N, the number of residents fishing in the lake. In particular,X = 6 – N.Each resident is attracted to the job that pays more fish2. The town of Wiknam has 5 residents whose only activity is producing and consuming fish. They produce fish in two ways. Each person who works on a fish farm raises 2 fish per day. Each person who goes fishing in the town lake catches X fish per day. X depends on N, the number of residents fishing in the lake. In particular, X = 6 – N. Each resident is attracted to the job that pays more fish. a. Why do you suppose that X, the productivity of each fisherman, falls as N, the number of fishermen, rises? The lake gets crowded. What economic term would you use to describe the fish in the town lake? Would the same description apply to the fish from the farms? Explain. Economic term for fish in the lake common resource Does this term apply to the fish from farms? NO Explain: The fish on the farm is a private good because it is excludable and rival in consumption. b. The town’s Freedom Party thinks every individual should have the right to choose between fishing in the lake and farming without government interference. Under its policy, how many of the residents would fish in the lake and how many would work on fish farms? How many fish are produced? # of residents who fish in the lake ______4__________ # of residents who work on the fish farm ____1_______ # of fish produced ____10_______ Hi, I’m doing the Economics H.W but i don’t get the equation X=6-N and question 2-b would you pls help me>?
The town of Wiknam has 5 residents whose only activity is producing and consuming fish. They produce fish in two ways. Each person who works on a…
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