Suppose that any number of identical boats can fish along the North Carolina coast. The value of fishing (V) per boat as a function of the number of boats (N) is defined as V = 10 - 2N. The marginal value (MV) to the fishery of an additional boat is defined as MV = 10 - 4N. For each boat, the costs of fishing (C) are $2. What is the socially efficient number of boats in the fishery?
