Business, 16.11.2019 00:31 shatj960

Illegal harvesting of venus fly traps is responsible for species decline in north carolina. the demand for illegally harvested venus fly traps is: p (mb) = 800−2q where p is price per plant (in dollars) and q is the total number of plants harvested. the venus fly trap grow in a number of sites covering a large amount of area in the coastal plains of north carolina. the regulatory agency in charge of regulating the trade in venus fly traps, the us fish and wildlife service, has limited resources available for monitoring. answer the following: a. without any monitoring (the probability of getting caught is zero) how many plants do you expect to be harvested? b. the current fine for being caught with an illegally harvested venus fly trap is $2000 per plant and the probability of being caught poaching venus fly traps is equal to 0.1 (10%). how many plants would you expect to be harvested? (hint: set marginal expected fine equal to marginal benefit (demand)

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