(10 points) Calculate the outcomes of a group of fishers who harvest a renewable resource. The resource X is defined by Xt+1 =Xt +r*Xt * (1- Xt / K) - q*E*Xt a. What does q*E*Xt mean? What is the meaning of the 2 parameters q and Eb. In the attached Excel file [Module 7- SPEC.xlsx ] the implemented logistic models show profit and resource size over time. You can fill in 3 scenarios. Have scenario 1 for no harvesting, scenario 2 for maximum sustainable harvesting, and scenario 3 for open access. Just fill in for each scenario the equilibrium effort (one number) and you will see the profit and resource levels over time.c. Why do we see the profits of scenario 3 going to 0 over time?d. Why is the resource size higher in scenario 2 compared to scenario 3?e. What happens if you put the resource size for time step 0 to 10,000?

Scenario 1 Scenario 2 Scenario 3 10,000 0,000 10.000 100.000 0.004 0.004 0.004 100,000 100,000 100,00 0.08 0.08 0.08 Scenario ,000,000 Scenario 2 Scenario 3 ,000,000 1,000,000 Scenario Theoretical equilibria Theoretical equilibria Resource Profit Resource Profit Resource Profit Scenario 100,000 100,000 100,000 Resource_MSY = 50000 Resource_OA= 25000 100,000 100,00 Harvest_MSY - 2000 Harvest_OA = 1500 100,000 100,000 0 100,000 100,00 15 Effort_MSY - 10 Effort_OA = 100-060 100,600 100,00 100,000 100,000 00.000 100,000 100,000 100.000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100.000 100,000 100,00 100.000 100,000 100,000 Scenario 100,000 100,000 100,000 100,000 00,000 Scenario 100,000 100.000 100,00 100,00 Scenario 100,000 100.000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,00 100,000 0 100.000 100,00 100,000 100,000 100,00 100,000 100,000 100.000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,00 100,090 100,000 100,000 100,00 00,00 100.000 100,000 100.00 100,000 100,000 100,000 100.000 100.00 00.000 100,000 100,000 100,00 100,00 100,000 100.00 100,000 100,000 100.00 100,000 100.060 100,000 100,000 100,00 100,000 0 100.000 100.00 100,000 100,090 100,00 100.000 100.00 100.00 100,000 100,000 100,000 100,000 100,000 100.00 100,000 100,00 100,090 100.600 100 0DO 100,000 100,00 00,00 100.000 100.000 100.00 100,000 100,000 100,000 100,000 00.000 100,000 100,000 100,000 100,00 100,00 100,000 100,000 100,00 100,000 100.060 100,000 100,000 100,000 0 100.000 100,000 100,000 100,000 100,000 100,000 100:060 100,000 100,000 00,00 100,000 100,000 100,00 100.000 100.060 100.00 100,000 100,00 100.00 100,000 100,000 100.000 100,000 100,000 100,000 100,000 100,000 00.000 100,000 100,000 100,00 100,00 100,00 100,000 100,000 100,000 100,000 100,000 100,00 100,000 100.000 100,00 100,000 100,000 100,00 100,000 100,000 100,000 100,060 100,000 100,000 100.00 100,000 0 100,000 100,00 100,000 100.000 100,00 100,000 100,00 100,000 100,000 100,000 100,000 100,000 100,00 100,000 100,000 100,00 100,090 100,060 100,000 100.00 100,000 100,000 100.00 100,000 100,000 100,000 100,000 100.000 00.000 100,000 100,000 100,00 100,000 100,00 100,00 100,000 100,000 100,000 100,000 100:060 100,000 100,000 100.00 100,000 0 100,000 100,00 100,000 100,000 100.00 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100.600 100 000 100,00 100,000 100,000 100,00 100,000 100,000 100,000 100,000 100,090 100,000 100,000 100,000 100,00 00.00 100,000 100,000 101 100,000 100,000 102 100,000 100.00 100,000 0 100.000 100,00 103 100,000 100,000 100.00 105 100,000 100,000 100,00 106 100,000 100,000 100,000 107 100,000 100,000 100,00 108 100,000 0 100,000 100,00 109 100,000 100,560 100,00 100,000 100.00 100.00 110 100,000 100,000 100.00 100,000 100,000 100.000 100,000 0 100,000 100,000 100.000 100,000 100,00 100.000 100,000 100,000 117 100,000 10,000 100,000 100.00 00.000 100,00 119 100,000 100,000 100.000 100.000 100.00 100,000 100,000 190.00 100,000 100,000 100,000 100,000 100,000 100.00 100,000 100,000 100,00 100,000 100,600 100,00 126 100,000 127 100,000 100.000 100,00 128 100,000 100.000 100,000 00,000 129 100,000 00,000 130 19060