I would appreciate anyone helping me with this. I\'m not sure how to represent t

Question

I would appreciate anyone helping me with this. I'm not sure how to represent the supply curves portion.

Every day at the local fish market, there are 100 demanders who are willing to pay up to $30 for a fish, 100 demanders who are willing to pay up to $20 for a fish, and 100
demanders who are willing to pay up to $10 for a fish. No demander wants to buy
more than one fish.

There are 20 fishermen who sell fish in this market. Each
day, the fishermen arrive at the market with that day's catch. Each fisherman
has spent $50 on fuel for his boat the night before, but they have no other
costs.

Any fish not sold on the same day they are caught will rot and become
worthless. Every day the fish market reaches a competitive equilibrium price
for the day's fish.

On Monday, each fisherman caught 3 fish; on Tuesday, each
fisherman caught 4 fish; on Wednesday, each fisherman caught 8 fish; on
Thursday, each fisherman caught 12 fish; and on Friday, each fisherman caught 16 fish.

Question: What was the price of fish on Thursday, and what day did the fishermen earn the greatest profit?

Explanation / Answer

What was the price of fish on Thursday, Thursay each fisherman caught 12 fish. There are 20 fisherman total fish = 12 * 20 = 240 fish on thursday The demand is that 100 will buy fish for $30, another 100 will buy for $20, and another 100 will buy for $10. This means that if the fishermen come back and the total is less than or equal to 100 fish then the price is 100. If the fisher men come back and there is fish total is between 101 and 200 fish the price will be $20 and if the fishermen come back and the total is more than 200 the price will be $10. Since the fishermen came back and the total fish was 240, = price was $10 for thursday

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---