A new fish species is found in the territorial waters of the coast of Oregon and the taste and texture rivals that of swordfish. This fishery is not yet regulated, so it can be viewed as an open access resource. To examine this problem, assume that each fishing boat on the Oregon Coast has a value function for fishing for this new species that is conditional on the number of other boats fishing at the same time. Let q represent number of fishing boats. The value function is V = 30 - 3q. The marginal value function is MV= 30 - 6q. Assume each boat's marginal cost for fishing for the new species is $12.

43. Construct a graph to depict the V, MV, and MC curves and use this graph to supplement your answers to 44 - 47 below. Make sure to label all intercepts and curves.

44. How many boats use the fishery at the unregulated market equilibrium?

45. Calculate the total net value at the unregulated market equilibrium.

46. How many boats use the fishery at the social optimum?

47. Calculate the total net value at the social optimum.