1 - Fisheries Suppose that a fishery is characterized by the following relationship between total fish stock and annual growth (ignore the third column for now): Stock (thousand tons biomass) Annual Growth (tons) Number of boat trips required to catch annual growth 10 0 20 800 2300 30 1600 2200 40 2300 2100 50 2800 2000 60 3100 1600 70 3200 1300 80 3000 1000 90 2700 800 100 2300 600 110 1800 400 120 1200 200 130 500 100 140 0 0 a. First, construct a graph showing the relationship between stock and growth, similar to Figure 18.2. Identify on your graph the stock levels that correspond to the maximum sustainable yield, and the stable and unstable equilibrium levels for this fish population in a natural state. b. Suppose you are a resource manager overseeing this fishery. You want to ensure the ecological sustainability of the fishery by requiring that annual harvest should equal annual natural growth. You have collected data on the number of boat trips required to catch the annual growth of fish at different population stocks. This is given in the third column in the table above, which can be read from bottom to top to show increasing fishing effort. Assume that it costs $1000 to operate a boat trip and that fish sells for $1000 per ton. Determine the annual quota for fish catch (in tons) and the population level you wish to maintain. Calculate industry revenues, costs, and profits at each level of fishing effort from 0 to 2300. Present a graph similar to Figure 18.3 showing total revenues and total costs to support your