In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE2, with a, b representing positive constants and E is fishing effort. Total cost is TC(E) = cE, with c being the unit cost of effort. Total revenue is TR(E) = pH(E), with p being the constant price of fish. a) Find the open-access equilibrium values of effort and harvest. b) Find the fishing effort that maximizes resource rent, EMEY, and the corresponding harvest, HMEY- c) Find the fishing effort that maximizes sustainable yield (harvest), EMSY-

In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE2, with a, b representing positive constants and E is fishing effort. Total cost is TC(E) = cE, with c being the unit cost of effort. Total revenue is TR(E) = pH(E), with p being the constant price of fish. a) Find the open-access equilibrium values of effort and harvest. b) Find the fishing effort that maximizes resource rent, EMEY, and the corresponding harvest, HMEY- c) Find the fishing effort that maximizes sustainable yield (harvest), EMSY-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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