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Lionfish Is an Aquatic Invasive Species in the Southeastern U

question 64

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Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where   and P = price of a fishing license, and the demand for fishing licenses is Qd = 1400 - 60P. What is the equilibrium price and quantity of fishing licenses when L = 10,000? A) P = $8.5, Q = 890 B) P = $13, Q = 620 C) P = $13.5, Q = 590 D) P = $13.5, Q = 591 and P = price of a fishing license, and the demand for fishing licenses is Qd = 1400 - 60P. What is the equilibrium price and quantity of fishing licenses when L = 10,000?

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