The town of Grayling has 10 thousand residents who produce fish from fish farms and lakes. Each person who works on a fish farm produces 2 fish per day. Each person who fishes in a lake produces 10-X...

The town of Grayling has 10 thousand residents who produce fish from fish farms and lakes. Each person who works on a fish farm produces 2 fish per day. Each person who fishes in a lake produces 10-X fish per day where X is the number of people (in thousands) who fish in the lakes. If the town issues tradable permits for lake fishing equal to the Pareto efficient value for X, what would a resident pay for one of these permits? (hint: how many extra fish does a lake fisherman catch compared to a fish farmer at the efficient value of X?)