Question: Given r=0,025 k = 1000 tonnes q= 0,05 p = 1 a = 10 Maximizing harvest occurs at the MSY The long-run harvest function:

Given r=0,025 k = 1000 tonnes q= 0,05 p = 1 a = 10 Maximizing harvest occurs at the MSY The long-run harvest function: H(E)=qEK -K qKE2 The MSY criterion: 2q2K -> Maximize H(E) H'(E) = 0 qK- E=0 E r E = 24 EMSY 2q (2 vessels fishing whole year and 1 vessel fishing a half of year) (Alternatively Maximize TR(E)MR(E)=0+ pqK-2pqK) 2.5 vessel year; H(EMSY) = 62.5 tonnes; TR(EMSY) = 62500$; TC(EMSY) = 25000$ KE = 0 E = 1/4) Show steps how to get the results H (Emsy) = 62,5 tonnes, and how TR is = 62500 $ and TC = 25000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Morgan and Parker are common - law partners and the parents of two children: Ash and Avery ( born on May 1 7 , 2 0 1 2 ) . Avery does not have any income.Ash graduated from secondary school in June...

Problem 18 Find the maximum deflection for a cushion which will limit the maximum acceleration of an 82 lb product to 62g in an 11-foot drop. Assume the impact is perfectly elastic. If the working...

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

Q1. You have identified a market opportunity for home media players that would cater for older members of the population. Many older people have difficulty in understanding the operating principles...

Chapter 5 Discrete Markov process Suppose we have a sequence of random variables, {X0 , X1 , . . .} = {Xn } , which is also n=0 called a stochastic process. In this chapter, we study a commonly used...

1. Let X be a discrete random variable that may assume values x = 0; 1; 2 respectively with probabilities p1; 0:5; p2. Which values of p1 and p2 define a probability distribution? A p1 = 0.5 and p2 =...

chapter 5 INTRODUCTION TO MATRIX ALGEBRA GOALS The purpose of this chapter is to introduce you to matrix algebra, which has many applications. You are already familiar with several algebras:...

1. Suppose that you have the following demand curve. Q 800 12P .01I Q = quantity demandedP = price andI=average income. You know that the current market price is $40 and average income is $40,000 i....

1. Suppose that you have the following demand curve. Q = 800 - 12P +.01I Q = quantity demandedP = price andI=average income. You know that the current market price is $40 and average income is...

7. a pricing practice that requires buyers to purchase packages of different goods and does not make the goods available separately is called value pricing. O bundling O two part tariff O skimming

You are the chief financial officer of Superior Paint Company, a company that manufactures paint and paint products in a large township. Chemicals used in the production process are disposed off in...

Which of the following approaches best demonstrate the effective use of the empty map canvas in the finance business partnering Observing a sales manager s body language and tone during budget...

This problem continues the Draper Consulting, Inc., situation from Problem 7-42 of Chapter 7. Draper reviewed the receivables list from the January transactions (from Chapter 6). Draper identified on...

Backflushing. The following conversation occurred between Brian Richardson, plant manager at Glendale Engineering, and Charles Cheng, plant controller. Glendale manufactures automotive component...

Allowance method fur uncollectible accounts. Diversified Technologies opened for business on January 1, 2008. Sales on account during 2008 were $126,900 Collections from customers from sales on...

Revenue recognition at time of sale. Marks and Spencer Group. Plc., a U.K. retailer, applies IFRS and reports its results in millions of pounds sterling (). The notes to its financial statements for...

Predict the product of the reaction of Propanal with each of the following: (a) Lithium aluminum hydride (b) Sodium borohydride (c) Hydrogen (nickel catalyst) (d) Methylmagnesium iodide, followed by...

Can we put that she will be making weekly payroll deductions inthe amount of $52.75 to the housing equalling $211.00 monthly

Can every good be a Giffen good? Why or why not?

Suppose that a firm's production function is Its marginal product of labor is At what amount of labor input are the firm's average and marginal product of labor equal? Confirm that the average and...

Johnson Tools produces hammers. It has signed a labor contract that guarantees its 1,000 workers a minimum of 30 hours per week of work. The contract also doubles the regular $20 per hour wage for...

A study measured the Waist Size of 250 men, finding a mean of 36.33 inches and a standard deviation of 4.02 inches. Here is a histogram of these measurements. a) Describe the histogram of Waist Size....

You roll a die, winning nothing if the number of spots is odd, $1 for a 2 or a 4, and $10 for a 6. a) Find the expected value and standard deviation of your prospective winnings. b) You play twice....

The candy company claims that 10% of the M&M's it produces are green. Suppose that the candies are packaged at random in small bags containing about 50 M&M's. A class of elementary school students...