Below presents the sustainable yield curve (measured by tons) for a fishery as a function of the number of efforts at work in the fishery. Effort is measured in terms of fishing-weeks=number of boats fishing x number of weeks per boat. Which of the following information could help convert the Y axis to dollar values (benefits and costs)?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Please answer both parts.

Refer to the figure below.
Below presents the sustainable yield curve (measured by tons) for a
fishery as a function of the number of efforts at work in the fishery.
Effort is measured in terms of fishing-weeks=number of boats fishing
x number of weeks per boat. Which of the following information could
help convert the Y axis to dollar values (benefits and costs)?
Tons
Systalnatble
4
Harvests
3.
1
10.20
Effort (weeks of fishing) .
30 40 50
Assuming a fixed amount of fishing hours.
Assuming total costs of fishing is constant.
Assuming a fixed price per ton of fish.
Assuming marginal cost of fishing is constant.
Transcribed Image Text:Refer to the figure below. Below presents the sustainable yield curve (measured by tons) for a fishery as a function of the number of efforts at work in the fishery. Effort is measured in terms of fishing-weeks=number of boats fishing x number of weeks per boat. Which of the following information could help convert the Y axis to dollar values (benefits and costs)? Tons Systalnatble 4 Harvests 3. 1 10.20 Effort (weeks of fishing) . 30 40 50 Assuming a fixed amount of fishing hours. Assuming total costs of fishing is constant. Assuming a fixed price per ton of fish. Assuming marginal cost of fishing is constant.
Total benefits and total costs of fishing are illustrated in the figure
below. Refer to the figure below and answer questions Q7-Q9.
What's the effort level that leads to the maximum sustainable yield?
Benefits and costs of
fishing effort ($) 500
Total Costs
400
300
200
Total Benefits
100
10 15 20 25 30 35 40
50
Effort (weeks of fishing)
15 weeks of fishing.
25 weeks of fishing
35 weeks of fishing
O 50 weeks of fishing
Transcribed Image Text:Total benefits and total costs of fishing are illustrated in the figure below. Refer to the figure below and answer questions Q7-Q9. What's the effort level that leads to the maximum sustainable yield? Benefits and costs of fishing effort ($) 500 Total Costs 400 300 200 Total Benefits 100 10 15 20 25 30 35 40 50 Effort (weeks of fishing) 15 weeks of fishing. 25 weeks of fishing 35 weeks of fishing O 50 weeks of fishing
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