What Are Some Fishermen For Fishing During Adverse Weather...

Part A Question 1: The article suggests some fishermen choose piracy as an alternative to fishing during adverse weather conditions. The table below lists some of the marginal costs and benefits to fisherman during the adverse weather conditions. As shown above, not all cost can be measured in monetary value. Implicit costs such as opportunity costs are also considered as these are important in order to determine the economic profit. Piracy has far more monetary benefits than fishing during the adverse weather as suggested in the table. Furthermore, the marginal costs of piracy are mostly based to threats/expectations, while the marginal costs of fishing are mostly based on facts. Hence it can be said that piracy has more marginal benefits than fishing during the adverse weather, which causes an increase in piracy. Question 2: part (a) Market failure can be a result of externalities. 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