a. Following class discussions and the text, provide a fully labelled graphical illustration of the theoretical relationship between fishing effort and revenue.(5 points)

b. Identify maximum fish stock, zero fish stock, maximum sustainable yield, the socially optimal rate of harvest and the open access solution. (5 points)

c. Identify the resource rents and in situ value. (5 points)

d. Discuss what causes these three possible effort rates (MSY, E* and OA) to differ and the implications of each effort rate on the health of the fishery (5 points).