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1. Consider the model with constant harvest costs C and logistic growth F (x)=x*(1-(x/K)). Suppose that < r. Are there circumstances where the sole owner
1. Consider the model with constant harvest costs C and logistic growth F (x)=x*(1-(x/K)). Suppose that < r. Are there circumstances where the sole owner drives the stock to a positive steady state? Explain and justify your answer. (Hint: Is there any reason to suppose that rent is positive in this model?)
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Introduction to Behavioral Economics
Authors: David R. Just
1st edition
0470596228, 978-0470596227
