a) The sustainable yield (Y) of a fishery is Y = E-0.5E where E denotes fishing...
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a) The sustainable yield (Y) of a fishery is Y = E-0.5E² where E denotes fishing effort. If the cost per unit of effort is 0.5 and the price of fish is 1, what is sustainable yield (i) under open access and (ii) when maximizing sustainable rent? Which one of these solutions would you say is preferable, and why? b) The underlying surplus growth function of this fishery is G(S)=aS (1-S/K) where S is the size of the fish stock and a and Kare parameters. What assumptions do you have to make about the production function of the fishery to obtain the sustainable yield function under (a)? What do these assumptions imply? a) The sustainable yield (Y) of a fishery is Y = E-0.5E² where E denotes fishing effort. If the cost per unit of effort is 0.5 and the price of fish is 1, what is sustainable yield (i) under open access and (ii) when maximizing sustainable rent? Which one of these solutions would you say is preferable, and why? b) The underlying surplus growth function of this fishery is G(S)=aS (1-S/K) where S is the size of the fish stock and a and Kare parameters. What assumptions do you have to make about the production function of the fishery to obtain the sustainable yield function under (a)? What do these assumptions imply?
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Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
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