Please answer part a and b 1. Figure 1 Bioeconomic model of FisheriesTRTC($)MEYMSYMaxirentBionomicequilibrium(BE)Total cost offishing effort(TC)TotalRevenue(TR)TR&TC($)BEBETC1Cost-reducingsubsidiesTC2TRE₁ E₂ E₂Fishing effort (E)E₂ E₁Fishing effort (E)In reference to figure 1 consider bioeconomic model of fisheries and answer the questions a &b.a. In no more than 500 words critically assess and explain how the bioeconomic modelexplains the maximum sustainable yield (MSY).b. In no more than 500 words explain the consequences regarding resource sustainabilityand economic viability.

Answered: 1. Figure 1 Bioeconomic model of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer part a and b

1. Figure 1 Bioeconomic model of Fisheries
TR
TC
($)
MEY
MSY
Maxi
rent
Bionomic
equilibrium
(BE)
Total cost of
fishing effort
(TC)
Total
Revenue
(TR)
TR
&
TC
($)
BE
BE
TC1
Cost-reducing
subsidies
TC2
TR
E₁ E₂ E₂
Fishing effort (E)
E₂ E₁
Fishing effort (E)
In reference to figure 1 consider bioeconomic model of fisheries and answer the questions a &
b.
a. In no more than 500 words critically assess and explain how the bioeconomic model
explains the maximum sustainable yield (MSY).
b. In no more than 500 words explain the consequences regarding resource sustainability
and economic viability.

Expert Solution

Step 1: Define bioeconomic model:

In order to evaluate and comprehend the connections between biological systems (such as ecosystems, populations of species, or natural resources) and economic systems (such as human activities, markets, and resource management), there is a type of economic model known as a bioeconomic model. In the fields of environmental economics and economics of natural resources, these models are very important.

Decisions on natural resource management and environmental policy must be informed by bioeconomic models. They serve to advance sustainable practices and the preservation of natural resources by providing a framework for comprehending the intricate interactions between ecological and economic systems.

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