4. a. Following class discussions and the text, provide a fully labelled graphic

Question

4. 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 (20 points).

Explanation / Answer

The labelled graphical illustration is not available.

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