3. The costs and benefits of fishery access per added user to a unique fishery is represented below. The price of fish remains constant at $1.25/kg. The marginal cost per fisher is $24 and constant over time. Assume that each fisher gains an even share of the total catch. (20 points) Number of Fishers Total Costs ($) Net Benefits ($) 1 2 4 5 6 Catch per Fisher (kg/fisher) 48.0 47.2 45.6 43.2 40.0 36.0 31.2 25.6 19.2 12.0 Revenue per Total Catch Marginal Cost Fisher Revenue per Fisher ($/fisher) ($) ($/Fisher) 24 24 24 24 24 24 24 24 24 24 LO 7 8 9 10 a) Complete the table. (10 points) b) How many fishers would maximize net benefits of this fishery? (2 points) c) How many fishers would access this fishery under open access? Why? (4 points) d) Now assume that the fisheries governing body sets a Total Allowable Catch (TAC) at 216 kg of fish. How many fishers would be allowed in the fishery under this regulatory regime? What are the corresponding net benefits of fishing under this regulatory regime? How does this differ from your answer for part b)? (4 points) 3. The costs and benefits of fishery access per added user to a unique fishery is represented below. The price of fish remains constant at $1.25/kg. The marginal cost per fisher is $24 and constant over time. Assume that each fisher gains an even share of the total catch. (20 points) Number of Fishers Total Costs ($) Net Benefits ($) 1 2 4 5 6 Catch per Fisher (kg/fisher) 48.0 47.2 45.6 43.2 40.0 36.0 31.2 25.6 19.2 12.0 Revenue per Total Catch Marginal Cost Fisher Revenue per Fisher ($/fisher) ($) ($/Fisher) 24 24 24 24 24 24 24 24 24 24 LO 7 8 9 10 a) Complete the table. (10 points) b) How many fishers would maximize net benefits of this fishery? (2 points) c) How many fishers would access this fishery under open access? Why? (4 points) d) Now assume that the fisheries governing body sets a Total Allowable Catch (TAC) at 216 kg of fish. How many fishers would be allowed in the fishery under this regulatory regime? What are the corresponding net benefits of fishing under this regulatory regime? How does this differ from your answer for part b)? (4 points)