[Relate d to the Economics in Practice on p. 182] Elena
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[Relate d to the Economics in Practice on p. 182] Elena and Emmanuel live on the Black Sea in Bulgaria and own a small f
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[Relate d to the Economics in Practice on p. 182] Elena and Emmanuel live on the Black Sea in Bulgaria and own a small fishing boat. A crew of four is required to take the boat out fishing. The current wage paid to the four crew members is a total of 5,000 levs per day. (A lev is the Bulgarian unit of currency.) Assume that the cost of operating and maintaining the boat is 1,000 levs per day when fishing and zero otherwise. The following schedule gives the appropriate catch for each period during the year.PERIOD CATCH PER DAY (KILOGRAMS) Prime fishing: 180 days 100 Month 7: 30 days 80 Month 8: 30 days 60 Rest of the year 40 The price of fish in Bulgaria is no longer regulated by the government and is now determined in competitive markets. Suppose the price has been stable all year at 80 levs per kilogram. a. What is the marginal product of a day
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