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1. Bioeconomic Model and Tax. Consider the pure compensation bioeconomic model. Assume that input and output...

1. Bioeconomic Model and Tax. Consider the pure compensation bioeconomic model.

Assume that input and output prices and biological parameters remain constant. Please use the following variable symbols: Y = yield (catch, harvest, landings), E = fishing effort, X = resource stock biomass, P = constant price per unit of yield, c = constant cost per unit of fishing effort. (55 points total, equal points for each sub-question a-k)

Assume the fishery starts in open-access bionomic equilibrium.

a. Draw the open access equilibrium thats relates growth of the resources stock to the resource stock. Be sure to label your axes and curves!

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