Question

Fishing fleets send out boats to catch fish and sell them at the market. But if there are more boats, each boat has a smaller haul. Suppose the value of a boat's catch is V = 180 - b. There are no marginal costs to sending more boats. If there is only one fleet operator, how many boats will he choose? What are the profits? If there are two fleet operators, what is the profit function for each operator? What is the FOC (First Order Condition) for each operator? What is the best response function for each operator? At the Nash equilibrium of the game, how many boats are chosen and what are industry profits? If there are three operators, how many boats are chosen and what are industry profits?

          Fishing fleets send out boats to catch fish and sell them at the market. But if there are more boats, each boat has a smaller haul. Suppose the value of a boat's catch is V = 180 - b. There are no marginal costs to sending more boats.

If there is only one fleet operator, how many boats will he choose? What are the profits?

If there are two fleet operators, what is the profit function for each operator?

What is the FOC (First Order Condition) for each operator?

What is the best response function for each operator?

At the Nash equilibrium of the game, how many boats are chosen and what are industry profits?

If there are three operators, how many boats are chosen and what are industry profits?

fishing fleets send out boats to catch fish and sell them at market but if there are more boats b each boat has a smaller haul suppose the value of a boats catch is v 180 b there are no cost 98314

Added by Patricia A.

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