Consider the following graph. The fishery is managed as an competitive (open access) regime. Fishing effort is measured in man-days (the cost of labour paid per day to fishermen when fishing). Suddenly, the price of fish doubles. What is the impact of the fish price increase on the fisheries according to the Gordon-Schaefer model? Revenue and costs 300,000 250,000 200,000 150,000 100,000 50,000 0 0 500 1,000 1,500 2,000 2,500 Fishing effort, revenue and costs 3,000 3,500 4,000 4,500 5,000 5,500 6,000 Fishing effort level 6,500 -Total cost of effort. -Total revenue. D. The Maximum Sustainable Yield wi✔ [ Select ] increase decrease 7,000 B. Stock size corresponding to the competitive outcome will [Select] 7,500 Answer the questions below. A. The fishing effort corresponding to the competitive outcome will [Select] 8,000 8,500 9,000 9,500 C. The growth rate of the fish stock corresponding to the new stock size under competitive outcome will [Select] 10,000

Consider the following graph. The fishery is managed as an competitive (open access) regime. Fishing effort is measured in man-days (the cost of labour paid per day to fishermen when fishing). Suddenly, the price of fish doubles. What is the impact of the fish price increase on the fisheries according to the Gordon-Schaefer model? Revenue and costs 300,000 250,000 200,000 150,000 100,000 50,000 0 0 500 1,000 1,500 2,000 2,500 Fishing effort, revenue and costs 3,000 3,500 4,000 4,500 5,000 5,500 6,000 Fishing effort level 6,500 -Total cost of effort. -Total revenue. D. The Maximum Sustainable Yield wi✔ [ Select ] increase decrease 7,000 B. Stock size corresponding to the competitive outcome will [Select] 7,500 Answer the questions below. A. The fishing effort corresponding to the competitive outcome will [Select] 8,000 8,500 9,000 9,500 C. The growth rate of the fish stock corresponding to the new stock size under competitive outcome will [Select] 10,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

the options to choose from are shown

Consider the following graph. The fishery is managed as an competitive (open access)
regime. Fishing effort is measured in man-days (the cost of labour paid per day to
fishermen when fishing). Suddenly, the price of fish doubles. What is the impact of the
fish price increase on the fisheries according to the Gordon-Schaefer model?
Revenue and costs
300,000
250,000
200,000
150,000
100,000
50,000
0
0
500
1,000
1,500
2,000
2,500
Fishing effort, revenue and costs
3,000
3,500
4,000
4,500
5,000
5,500
6,000
Fishing effort level
Total cost of effort -Total revenue
6,500
B. Stock size corresponding to the competitive outcome will
[Select]
D. The Maximum Sustainable Yield wi✔ [ Select ]
increase
decrease
stay the same
7,000
7,500
Answer the questions below.
A. The fishing effort corresponding to the competitive outcome will
[Select]
8,000
8,500
9,000
9,500
C. The growth rate of the fish stock corresponding to the new stock size under
competitive outcome will [Select]
10,000

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