Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 2P
To determine
The authorities find it difficult to regulate fishing activity in the ocean to maintain sustained yield.
Concept Introduction:
The renewable resources for which no restriction can be imposed and can be accessed by everyone are known as common pool resources. Common pool resources may be natural or man-made such as irrigation, fishing, etc.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
5 measures taken by the government of Cameroon to ensure the sustainability of minerals and energy resources in Cameroon
Part 1 that current actions do not compromise the well-being of future generations. It recognizes that Sustainability is a critical concept in economics and environmental science, aiming to ensure traditional market mechanisms can sometimes lead to market failures, particularly in cases where environmental and social costs are not fully considered. Market failures, such as overexploitation of natural resources, pollution externalities, and the depletion of common- pool resources, can have adverse consequences for both the environment and society. To avoid market failures and promote sustainability, various strategies are employed. Governments often step in with regulations and policies that address externalities, establish property rights, and set standards to limit harmful activities. Additionally, sustainability initiatives encourage responsible resource management, green technologies, and corporate social responsibility...... Referring to the text, Briefly explain how sustainability…
Explain how a system of individual transferable permits works in a fishery.
Knowledge Booster
Similar questions
- Discuss the economic principles of the efficient and sustainable use and harvesting of fishery resources. Then, discuss the economics of fisheries in the context of ‘common pool’ resources and the case of ‘open access’ to these. Use graphs where helpful.arrow_forwardCan extreme levels of pollution hurt the economic development of a high-income country? Why or why not?arrow_forward1. What is the importance of Biodiversity Advocacy Campaign initiated by the Philippine Government? 2. Are you truly connected to your surroundings, the ones you love and to the world?arrow_forward
- Name two examples of renewable natural resourcesarrow_forwardSuppose you are the Minister of the Environment. What actions /will you implement to insure sustainability in your country. Explain your choicearrow_forward1. Outline three benefits derived by Caribbean countries as a result of the agriculture sector.arrow_forward
- In reference to figure 1 consider bioeconomic model of fisheries and answer the questions a & b. a. In no more than 500 words critically assess and explain how the bioeconomic model explains the maximum sustainable yield (MSY). b. In no more than 500 words explain the consequences regarding resource sustainability and economic viability.arrow_forwardCould you reply to this message (you can agree/disagree or add more information)? Message: "I believe in climate change and the science that backs it up. Throughout school, I have been able to learn about climate change in many aspects and the ways that humans are contributing to it. It's scary to think about how we are directly impacting the world with nearly every decision we make. Our actions serve consequences, and within years the world could become an entirely different place. In order for us to slow down the process of climate change and hopefully reserve our actions, everyone needs to start taking action now. It's selfish to think about it in the aspect that in the future we won't be alive, so why to worry about it now. More ways we can work towards conservation is by switching our energy sources to more clean, sustainable sources, like solar or water. By avoiding the use of fossil fuels, carbon emissions can be cut down, additionally saving natural resources too. Not only…arrow_forward(Bonus Question) What result can we expect to see when goods are nonexcludable? A Consumers demand a higher quantity than they would if they had to pay for what they consumed. B Consumers demand a lower quantity than they would if they had to pay for what they consumed. Firms supply a lower quantity than they would if they incurred the full costs of the provision of the good. D Firms supply a higher quantity than they would if they had to pay for what they supplied.arrow_forward
- 10 talk about dry portsarrow_forwardEconomics Use two graphs to show the Sustainable Range for harvesting a renewable resource. Draw a sigmoid graph and label the axes. Below it, draw a Net Growth graph and show the sustainable range and how you find the Maximum Sustainable Yield (MSY) Define Marginal User Cost. What sort of COST is this, How is it MARGINAL, and How does it connect to resource USE. Ill give thumbs uparrow_forward1. How are water issues reported in the media? What angle do you think is important to focus on? 2. What are the main water sources in your community? What are the biggest challenges to water quality and quantity? What are the biggest threats to our world’s water sources? 3. How is access to clean water a poverty issue? Locally? Nationally? Internationally? 4. What are the challenges for Indigenous People regarding access to safe and clean water? How are individuals and communities taking a stand? 5. How has control over water been used as a tool of oppression? How have people resisted this oppression? 6. What technologies have helped ensure access to water? How have these advances helped efforts to get clean water? 7. How is access, or lack of access, to water and sanitation a gendered issue? 8. How are people around the world exercising their right to water? 9. How do people get clean water in times of conflict? What might some barriers be? What environmental impacts to water are…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxManagerial Economics: Applications, Strategies an...EconomicsISBN:9781305506381Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. HarrisPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Managerial Economics: Applications, Strategies an...
Economics
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:Cengage Learning