8. Gordon model: Suppose price of fish P = 10, and total cost of fishing effort is TC(E) = 1000E. a. Find the Total Revenue Product Curve. b. Suppose the fishery is managed by an owner with exclusive property rights. Find the level of effort E that maximizes the rent from the fishery, and calculate the rent. c. Find the level of effort that would occur under open access. d. Under open access, is this fishery suffering from economic overfishing? e. Under open access, is this fishery suffering from biological overfishing? Why or why not?Problem 7. Schaefer model: suppose that the yield (harvest h) is given by h = 2Ex , where E is the amount of fishing effort and x is population (here q, the productivity parameter, equals 2). a. Find sustainable population x as a function of effort E. b. Find sustainable yield as a function of E. c. Graph the resulting Yield-Effort curve. Which portions of this curve correspond to biological overfishing?Problem 6. Logistic population growth: suppose the growth rate of a population of wild fish is given by F(x) = 10x - 0.01x if the population is left undisturbed, were x is population. a. What is the equilibrium natural population? b. What is the maximum sustained yield, and the corresponding population? c. Graph the population growth function. Which portions of this function correspond to biological overfishing?Problem 5. What would be the value of relaxing each of the constraints (i), (ii), (iii), and (iv)?Problem 4. Use the Kuhn-Tucker conditions to find maxima for the following: a. F(x, y) = xy, subject to (i) x3 + y'