The waters off the North Atlantic coast were once teeming with fish But due to overfishing by the commercial fishing industry, the stocks of fish became seriously depleted In 1991, the International Commission for the Conservation of Atlantic Tunas (ICCAT) implemented a quota to allow fish stocks t...

a The quantity sold is 2 million kilograms at a price of 36kg On ...

The waters off the North Atlantic coast were once teeming with fish. But due to overfishing by

Question:

The waters off the North Atlantic coast were once teeming with fish. But due to overfishing by the commercial fishing industry, the of fish became seriously depleted. In 1991, the International Commission for the Conservation of Atlantic Tunas (ICCAT) implemented a quota to allow fish to recover. The quota limited the amount of swordfish caught per year by all Canadian-licensed fishing boats to 2 million kilograms. As soon as the Canadian fishing fleet had met the quota limit, the swordfish catch was closed down for the rest of the year. The accompanying table gives the hypothetical demand and supply schedules for swordfish caught in Canada per year.

Quantity of swordfish (millions of kilograms per year) Quantity supplied Price of swordfish (per kilogram) Quantity dema

a. Use a diagram to show the effect of the quota on the market for swordfish in 1991.

b. How do you think fishers will change how they fish in response to this policy?

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Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...

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