3. H\&R 5th, Exercise 18.1 Suppose that a fishery is characterized by the following relationship between total fish stock and annual growth (ignore the third column for now): 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 stock levels for this fish population in a natural state. b. Next, present a table showing the population growth rate, expressed as a percentage, at each stock level. For example, with a stock of 50,000 tons, the annual growth is 2,800 tons, or 5.6%. What stock level maximizes the population growth rate? What point in Figure 18.1 does this growth rate correspond to (A,B,C, or D) ? c. 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 preceding table, which can be read from bottom to top to show increasing fishing effort. Assume that it costs $1,000 to operate a boat trip and that fish sells for $1,000 per ton. You must determine the annual quota for fish catch (in tons) and the population level you wish to maintain. What level of fishing effort maximizes economic efficiency while still being ecologically sustainable? Show your work. (Hint: Calculate industry revenues, costs, and profits for each level of fishing effort from 0 to 2,300.) Present a graph similar to Figure 18.3 showing total revenues and total costs to support your