In a model a la Schaefer, the steady-state stock of lemons (in thousand units), is given by S(E)=2000-50E where E is the amount of effort (in thousand days). Total benefits and total costs (in million francs) are given by TB=0.001 ES(E) and TC=0.5E respectively. Assume social efficiency.

i) what is the effort level?

ii) what is the steady state stock?

iii) what is the net social welfare?