Refer to the Following Scenario to Answer the Following Questions

question 69

Multiple Choice

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.

-If four boats operate,then each boat will make a profit of

• A) $775.00.
• B) $500.00.
• C) $275.00.
• D) $675.00.
• E) $68.75.

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Definitions:

Decimal Places

The count of figures positioned after the decimal point within a number.

Divide

A basic mathematical operation involving the division of one number by another to find a quotient.

Decimal Places

The number of digits to the right of the decimal point in a numerical value.

Divide

To perform division, which is one of the four basic operations in mathematics, separating something into equal parts or groups.