Question #2. Attached (below) is a diagram of a bio-economic model reflecting the relationships between the biological growth of a stock of fish and three different rates of harvest—H1, H2, and H3. In this model, dX/dt=F(X)—the change in the stock with respect to time and biomass— is captured in the parabola. Use the diagram to answer the following questions.On the diagram, the point A refers to a specific and important biological point on the growth curve. What is this point and what is its significance?On the diagram, the point B refers to a biologically important value. What is this value and what is its significance?Consider point C on the diagram. Assume that the stock of fish is just to the right of this point, but still to the left of B. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and the size of the harvest?Consider point D on the diagram. Assume the stock of fish is just to the right of D but still to the left of A. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and size of the harvest?Consider point D on the diagram. Assume the stock of fish is just to the left of this point but still to the right of O. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and size of the harvest?Over time, what will happen to the stock of fish and size of the harvest if H1 level of harvest persists? InstantaneousGrowth F(X)O DAH1H2H3CB

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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 #2. Attached (below) is a diagram of a bio-economic model reflecting the relationships between the biological growth of a stock of fish and three different rates of harvest—H1, H2, and H3. In this model, dX/dt=F(X)—the change in the stock with respect to time and biomass— is captured in the parabola. Use the diagram to answer the following questions.

On the diagram, the point A refers to a specific and important biological point on the growth curve. What is this point and what is its significance?

On the diagram, the point B refers to a biologically important value. What is this value and what is its significance?
Consider point C on the diagram. Assume that the stock of fish is just to the right of this point, but still to the left of B. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and the size of the harvest?
Consider point D on the diagram. Assume the stock of fish is just to the right of D but still to the left of A. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and size of the harvest?
Consider point D on the diagram. Assume the stock of fish is just to the left of this point but still to the right of O. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and size of the harvest?
Over time, what will happen to the stock of fish and size of the harvest if H1 level of harvest persists?

Instantaneous
Growth F(X)
O D
A
H1
H2
H3
CB

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