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a. Following class discussions and the text, provide a fully labelled graphical illustration of the theoretical relationship between fishing effort and revenue. b. Define and identify maximum fish stock, zero fish stock, maximum sustainable yield, the socially optimal rate of harvest and the open access solution. c. Define and identify the resource rents and in situ value. d. Discuss what causes these three possible harvest rates to differ and the implications of each harvest rate on the health of the fishery.
q1. a hearing is scheduled for your company to present arguments that your firm has not increased its market power
Consider two manufacturers. Each makes a product. The two products arc partial substitutes. Priced at P_t. product i receives a demand q_1 = 15 - 2 9_1 + p_2 and q_2 = 15 - 2 p_2 + p_1. It costs $5 to produce a unit of product I and $10 to produce a ..
Find a purely/perfectly competitive industry. State why this industry is a purely competitive market. Give examples as to why. Please use the drop box to submit your extra credit assignment.
If free trade and greater foreign competition causes markets that were previously oligopolistic to become monopolistic, is this good for the consumer? Is free trade and competition better for any workers unions that may have existed within the previo..
Compute the arc price elasticity of demand for the price of paperback books falling from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
New York & Co. is considering a limited edition denim jacket. Because it is so special, the first few will sell for a very high price, the next for less, and so on. A curve on a graph is used to estimate the price of each jacket. What if a less autom..
If George assumes the used radiator will last 3 years, but will need to be replaced so he can sell the car, which should he buy? Develop a choice table for interest rates from 0% to 50%. George's interest rate on his credit card is 20%.
Mercantilism is a bankrupt theory that has no place in the modern world. Discuss. Unions in developed nations often oppose imports from low-wage countries and advocate trade barriers to protect jobs from what they often characterize as "unfair" impor..
What statistic is designed to detect multicollinearity in a regression model?
Funding and revenue for public housing, restrictions on revenues for public housing, policy decisions and/or economic conditions that would affect the revenue for public housing. What types of revenue policies would benefit public housing and the com..
Elucidate the correlation between this increases also labor participation rates by gender over the same period
When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax. As the size of a tax increases, the government's tax revenue rises then falls. Economists argue that restric..
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