When harvesting a population, such as fish, the present value of the resource is given by where
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When harvesting a population, such as fish, the present value of the resource is given by
where r is a discount factor, n(t) is the net revenue at time t, and y(t) is the harvesting effort. Suppose y(t) = K and n(t) = at + b. Find the present value.
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Therefore P S parts Let u K li...View the full answer
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