Question: please help with 1B and please label all analytical solutions and graphs Using the information given in the above table, i) Find external cost at

please help with 1B and please label all analytical solutions and graphs
please help with 1B and please label all analytical solutions and graphs

Using the information given in the above table, i) Find external cost at the socially efficient number of visitors when open access number of visitors equal 6 . Is this external cost larger than individual net gain (show for each visitor level above the socially efficient number visitors)? [4 points] ii) Explain how open access use of public beach leads to the dissipation, or disappearance, of all natural resource rent? [4 points] Q1B. Marine Resources or Economics of Fishery: Assume that the total revenue (TR) curve of harvested fish (commercial fishing) is inverted U-shaped, which shows the relationship between revenue (yield multiplied by the price of harvested fish) earned from selling fish and the effort level of fish harvesting. The total cost (TC) curve is simply a straight line starting at the origin and rising to the right at a slope that represents the opportunity costs of a unit of effort. Now, i) Find and graphically show efficient (economic sense) fishing effort level. How do you find the efficient effort level? [4 points] ii) Do you think the net benefits produced at the maximum sustained yield (MSY) is higher than the net benefit produced at the yield level of efficient effort? Explain (in terms of effort level and net benefits) and show graphically. [4 points] iii) Explain and show graphically how a public regulation (mention the type) can change total cost (TC) curve and solve the problem of open access effort level and obtain efficient effort level. [4 points] Using the information given in the above table, i) Find external cost at the socially efficient number of visitors when open access number of visitors equal 6 . Is this external cost larger than individual net gain (show for each visitor level above the socially efficient number visitors)? [4 points] ii) Explain how open access use of public beach leads to the dissipation, or disappearance, of all natural resource rent? [4 points] Q1B. Marine Resources or Economics of Fishery: Assume that the total revenue (TR) curve of harvested fish (commercial fishing) is inverted U-shaped, which shows the relationship between revenue (yield multiplied by the price of harvested fish) earned from selling fish and the effort level of fish harvesting. The total cost (TC) curve is simply a straight line starting at the origin and rising to the right at a slope that represents the opportunity costs of a unit of effort. Now, i) Find and graphically show efficient (economic sense) fishing effort level. How do you find the efficient effort level? [4 points] ii) Do you think the net benefits produced at the maximum sustained yield (MSY) is higher than the net benefit produced at the yield level of efficient effort? Explain (in terms of effort level and net benefits) and show graphically. [4 points] iii) Explain and show graphically how a public regulation (mention the type) can change total cost (TC) curve and solve the problem of open access effort level and obtain efficient effort level. [4 points]

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