Number of Hunters Marginal Kill Marginal Revenue Total Revenue Average Revenue Marginal Cost 2. What is the implied pric

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Number Of Hunters Marginal Kill Marginal Revenue Total Revenue Average Revenue Marginal Cost 2 What Is The Implied Pric 1 (132.32 KiB) Viewed 11 times

Number of Hunters Marginal Kill Marginal Revenue Total Revenue Average Revenue Marginal Cost 2. What is the implied price of a buffalo hide? (you will need to compare the kill and revenue) 1 8 48 48 48 36 2 8 48 96 48 36 3 6 36 132 44 36 4 4 24 156 39 36 5 2 12 168 33.6 36 6 0 0 168 28 36 7 -2 -12 156 22.3 36 3. How many hunters will hunt in the market equilibrium (people do not come in fractions)? 4. How many hunters will hunt in the socially optimal outcome? 5. How many (total) buffalo will be killed in the market equilibrium? 6. How many (total) buffalo will be killed in the socially optimal outcome? 7. Which of the following is the best explanation for why marginal kill become negative after 6 hunters? a. Because the demand for Buffalo is going up. b. Better hunters must enter the hunt later in order to still make a profit. c. Buffalo cannot reproduce fast enough to maintain herd size. d. The costs per hunter (in terms of guns etc.) has increased implying less output.