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Unformatted text preview: Explain any difference. 4. In ocean fishing (in a region of the ocean) the number of fish caught is an increasing but first convex and then concave function of the number of fishing boats. How many fishing boats will be used if each boat is independently owned? How many boats would be used if the fishermen and fisherwomen form a cooperative? How many boats will be used if the fishing rights are given or sold to one individual? (Assume constant output price and input prices.)...
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This note was uploaded on 08/25/2010 for the course ECONOMICS 408 at Cornell University (Engineering School).