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How over?shing problem can result in a decline in welfare

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In the trade scenario in problem 1, due to over?shing, Norway becomes unable to catch the quantity of ?sh that it could in previous years. This change causes both a reduction in the potential quantity of ?sh that can be produced in Norway and an increase in the relative world price for ?sh, Pf /Pa.

a. Show how the over?shing problem can result in a decline in welfare for Norway.

b. Also show how it is possible that the over?shing problem could result in an increase in welfare for Norway.

Reference no: EM13868628

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