Economics of Lobsters

Is it frozen lobster or alive Lobster?
It is very important for the price whether it is frozen or alive. Alive lobsters are always more expensive because they taste better than the frozen lobsters. The frozen lobsters are usually sold in the fridges that are located in the market. The alive lobsters are used for cooking in the restaurant and kitchen.

Where should I go for catching the lobsters?
Most of the lobsters that are caught are from Canada, Australia, and United States. However, if you are living in the United States, Maine is the best place to catch the lobsters. 80 percent of the lobsters that were caught in US last year were from Maine. About 105 million lobsters were caught in Maine.m These lobsters were sold for about 330 million dollars.

What is the impact of lobsters in US economy?
Even though the lobsters that were caught in Maine were sold for 330 million dollars, their actual impact on the economy was 1.7 billion dollars. When lobsters are sold from the fisherman, they are usually 2 - 2.5 dollars for a pound. However, the price of the lobsters can raise to more than 17 dollars. When restaurants sell lobsters, they cook them, and sell them for much higher price. When they reach the consumers, they usually worth 20 dollars in the restaurants, 5 dollars in the grocery stores.

What are the factors that effect the wage of lobsterman?

When the price of the oil increases, the wage of the lobsterman goes down because the oil that takes the boat to move will be more expensive. Moreover, the weather will effective because when the weather is good, lobsterman can catch lobsters easily, but not when the weather is bad.