Refer to the following scenario to answer the following questions.
Five fishermen live in a village and have no other employment or income-earning possibilities besides fishing.They each own a boat that is suitable for fishing but does not have any resale value.Fish are worth $5 per pound,and the marginal cost of operating the boat is $500 per month.They all fish a river next to the village.According to the following schedule,they have determined that when there are more of them out on the river fishing,they each catch fewer fish per month.
-What is the optimal number of boats that should operate?
Definitions:
Interactionist View
A perspective in sociology and psychology that emphasizes the importance of interactions between individuals and their environment in shaping behavior and social outcomes.
Biology
The scientific study of life and living organisms, including their structure, function, growth, origin, evolution, and distribution.
Environment
The sum of all external conditions and influences affecting the life and development of an organism or population.
Cognition
The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.
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