Question: 3) (6 points) Define a) carrying capacity, and b) Maximum Sustainable Yield (MSY). Identify these two concepts in a graph. 4) (2 points) The

3) (6 points) Define a) carrying capacity, and b) Maximum Sustainable Yield (MSY). Identify these two concepts in a graph. 4) (2 points) The nominal value of Chesapeake fishing harvest has gone up, but the real value has gone down. Why are these two values different? 5) (3 points) What is the difference between a Pareto improvement and Kaldor-Hicks Compensation?

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