Can you please show step by step so i can understand.... In a fishery the long-run harvest function (harvest volume) isH(E) = aE – bE²a, b positive constants, E is fishing effort. Total cost is TC (E)= cE, with c=unit cost of effort, Total revenue is TR(E)=p*H(E),with p = constant price of fish.a) Find the open-access equilibrium values of effort and harvest, E, and Ho , respectivelypH(E)ра — сAR(E) :— ра — pbEМС — с + Eo%3DEpbb) Find the fishing effort that maximizes resource rent, EMey, and the corresponding harvest, HMEY. What happens to EMEYand HMEY if p increases?Putting MR(E) equal to MC(E), which is a in this case, gives the following effort levelра — с2bpaCMR(E) = pa – 2pbE = MC = c → EMEY→ if p increases then EMEY increases2bp2baCa2→ HMEY= AEMEY – bEmeYif p increases then HMEY increases%3D2b 2bp2p

Maximum Economic Yield (MEY) is defined as the maximum yield which is correlated with the level of…

In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE2 a, b positive constants, E is fishing effort. Total cost is TC (E)= cE, with c=unit cost of effort, Total revenue is TR(E)=p*H(E) with p = constant price of fish. a) Find the open-access equilibrium values of effort and harvest, E, and H. , respectively pH(E) ра — с AR(E) = = pa – pbE = MC = c → E. = E pb b) Find the fishing effort that maximizes resource rent, EMEY, and the corresponding harvest, HMEY. What happens to EMEY and HMEY if p increases?

In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE2 a, b positive constants, E is fishing effort. Total cost is TC (E)= cE, with c=unit cost of effort, Total revenue is TR(E)=p*H(E) with p = constant price of fish. a) Find the open-access equilibrium values of effort and harvest, E, and H. , respectively pH(E) ра — с AR(E) = = pa – pbE = MC = c → E. = E pb b) Find the fishing effort that maximizes resource rent, EMEY, and the corresponding harvest, HMEY. What happens to EMEY and HMEY if p increases?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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