At the Santa Barbara fishing hole, people come from all around to catch fish to sell at the fish market. The total number of fish caught is At the social optimum, how much would it hurt the whole society (combined) if one more person started fishing

Complete Question:

At the Santa Barbara fishing hole, people come from all around to catch fish to sell at the fish market.The total number of fish caught is F=100x-0.5x^2 where x is the number of fishermen. Suppose it costs each person $700 a day to fish and that fish sell for $10 each at the market. At the social optimum, how much would it hurt the whole society (combined) if one more person started fishing?

Santa Barbara Fishing Hole

At the social optimum, the amount by which it would hurt the whole society (combined) if one more person started fishing is:

= $297.50

Explanation:

a) Data and Calculations:

The total number of fish caught is F = 100x-0.5x^2

where x = the number of fishermen

Daily fixed cost of fishing per person = $700

Sales price per fish = $10

F = 100 * 1 - (0.5 * 1)^2

F = 100 - 0.25

F = 99.75

Total cost to society for one person fishing ($10*99.75) = $997.50

Total benefit to society from one person fishing =               700.00

Combined cost to society with one person fishing =         $297.50

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