Suppose the population of cod fish near the Virginia Island follows a simple logistic function like,...

  

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Suppose the population of cod fish near the Virginia Island follows a simple logistic function like, G=0.1 S 1 0.1 S(1- Also, the yield function and function for cost of fishing are: Y = 0.02 S E and S 40000 TC = 5000 E, respectively, with the usual definitions. Suppose the market price of fish is 25. (Total 20 points) a)- Suppose, there is no external limitation in terms of food, predators, ... affecting the fish population, what would be the growth rate of the population. (1) b)- What would be the size of the population of the fish that this ecosystem can support. (1) c)- Find the total revenue function in equilibrium, in terms of stock of fish. (2) d)- Find the total revenue function in equilibrium, in terms of effort. (4) e)- Find the open access equilibrium level of stock of fish. What would be the level of harvest of fish at this equilibrium level. (3) f)- What is the socially efficient level of stock of fish. What would be the level of harvest of fish at this equilibrium level. How much is the profit? (5) g)- Draw a complete and neat graph showing all the curves, values, (4) JUL Suppose the population of cod fish near the Virginia Island follows a simple logistic function like, G=0.1 S 1 0.1 S(1- Also, the yield function and function for cost of fishing are: Y = 0.02 S E and S 40000 TC = 5000 E, respectively, with the usual definitions. Suppose the market price of fish is 25. (Total 20 points) a)- Suppose, there is no external limitation in terms of food, predators, ... affecting the fish population, what would be the growth rate of the population. (1) b)- What would be the size of the population of the fish that this ecosystem can support. (1) c)- Find the total revenue function in equilibrium, in terms of stock of fish. (2) d)- Find the total revenue function in equilibrium, in terms of effort. (4) e)- Find the open access equilibrium level of stock of fish. What would be the level of harvest of fish at this equilibrium level. (3) f)- What is the socially efficient level of stock of fish. What would be the level of harvest of fish at this equilibrium level. How much is the profit? (5) g)- Draw a complete and neat graph showing all the curves, values, (4) JUL

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a The growth rate of the population can be calculated using the logistic growth function In this case the logistic growth function is given by G 01S S240000 The growth rate G represents the rate at wh... View the full answer