The equilibrium in an open-access fishery is known as the bioeconomic equilibrium. What is the condition for the biological equilibrium and what is the condition for the economic equilibrium? b) Based on the answers of the bioeconomic conditions, derive the steady-state supply of fish (Hss) as a function of price (p), linear cost of effort (c), catchability (q), intrinsic growth rate (r) and carrying capacity (K). Suppose price of fish p and cost per unit of fish c are both constant. The logistic growth function is: and the Schaefer Harvest function is: G(S) = rS(1S/K) H = qES where notations include harvest (H), effort (E), stock (S), growth (G), price, (p), linear cost of effort (c), catchability (q), intrinsic growth rate (r) and carrying capacity (K). c) Derive the first order derivative of Hss with price p. What condition should price satisfy such that supply increases with the price of fish? What is the condition of price such that supply decreases as a function of the price of fish? tungs