artisan fishermen and industrial scale fishing companies
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Description / paper instructions
Just one kilogram of freshly caught squid a day was almost enough to live on for Thai fishermen like Wisut Boonnak. Now the catch has halved in price and hes spending more time on village duties.
Using the analysis of optimal production by the firm (here the individual fisherman is a single firm) in conjunction with the aggregate market framework (supply and demand) explain the fishermans decision. Use a graphical analysis.
What differences in production function and cost structures between artisan fishermen and industrial scale fishing companies can you think of? Assuming labor is the only variable input and the ship/boat is the only capital required, graphically demonstrate how the marginal and average cost curves would look for each case. Explain your answer.
Were concerned that demand for product is going to disappear. To ease the pressure, the governments helping charter planes to carry rock lobster and other products to foreign markets.
Assume that transportation costs are part of the variable cost of production. Suppose that demand has fallen enough such that the price is now below AVC. To combat this situation, the government offers chartered flights. How will this affect total production? (Hint: there are several scenarios to consider)
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