1) Discuss fisheries and efficient extraction:

a. Draw a conceptual diagram of the Schaefer curve. Label all important points and show population dynamic movements along the curve.

b. Transfer the Schaefer curve to an economic model. Show the different points of interest under private property and common pool resource.

c. With the economic model, show points of extraction under private and common pool resource use of the fishery. Discuss policies (we talked about two general types) that can shift the cost curve to an optimal extraction point.