Question: a (B... v 12 VA A Aav = Paragraph U v ab X, X Ave A Styles Dictate WupowCCUS GROCCO Below is total revenue and

a (B... v 12 VA A Aav = Paragraph U v ab X, X Ave A Styles Dictate WupowCCUS GROCCO Below is total revenue and total cost from harvesting effort in a fishery. To limit harvests from the fishery a regulator sets a total allowable catch limit y. Suppose further that the unit price of fish is p, so that the catch limit produces revenue R1 = py, which is shown in the graph. Use this graph to answer questions (4) through (6). $ Total cost X Ripy: Total revenue 1 X 1 1 1 1 Effort E E, E. (4) What is the minimum level of effort necessary to catch y units of fish? [1 point] (5) What is the maximum rent obtainable by limiting total catch to y units of fish? [1 point] (6) Suppose that there is no other restriction on individual harvesters other than their catch, in total, is limited to y1. What level of effort will be expended in this fishery? Explain your answer in terms of resource rent dissipation. [3 points) 2

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