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May 24, 2015

Homework Help: economics

Posted by jalal on Wednesday, July 27, 2011 at 9:24pm.

A village has n fishermen who exploit the sea nearby and sell their catch at market price (assumed constant). The extraction technology displays decreasing returns to scale and is a=e^-1/2 where e is the total effort.
1) What is the optimal behavior for the village?
2) What is the efficient behavior?

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