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

Question

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

Quizplus · Accepted Answer

The Answer of 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

Lionfish Is an Aquatic Invasive Species in the Southeastern U