Part 3 : Answer the following questions below. If graphs are being asked, provide the correct graphs that will support your answer. b. Supposed that your friend is an owner of a lake that grows and harvests Bangus (Milkfish). A group of fishermen asked if they could fish in his lake, and he agreed. However, after quite some time, he noticed that the number of Bangus that can be fished has drastically declined. Additionally, he noticed that the number of fishermen fishing in your lake increased. Your friend is asking you what could have happened? You realised that you might be faced with the Tragedy of the commons problem. To help you explain to your friend, include a graph that can visualize what went wrong.
Part 3 : Answer the following questions below. If graphs are being asked, provide the correct graphs that will support your answer. b. Supposed that your friend is an owner of a lake that grows and harvests Bangus (Milkfish). A group of fishermen asked if they could fish in his lake, and he agreed. However, after quite some time, he noticed that the number of Bangus that can be fished has drastically declined. Additionally, he noticed that the number of fishermen fishing in your lake increased. Your friend is asking you what could have happened? You realised that you might be faced with the Tragedy of the commons problem. To help you explain to your friend, include a graph that can visualize what went wrong.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Part 3
: Answer the following questions below. If graphs are being asked, provide the
correct graphs that will support your answer.
b.
Supposed that your friend is an owner of a lake that grows and harvests Bangus
(Milkfish). A group of fishermen asked if they could fish in his lake, and he agreed.
However, after quite some time, he noticed that the number of Bangus that can be fished
has drastically declined. Additionally, he noticed that the number of fishermen fishing in
your lake increased. Your friend is asking you what could have happened? You realised
that you might be faced with the Tragedy of the commons problem. To help you explain
to your friend, include a graph that can visualize what went wrong.
W
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