In the spring and summer of 2010 a record number 30 million Sockeye salmon spawned up the Fraser River. In 2009 there were only just over 1 million Sockeye spawning. Quite naturally the price of Sockeye fell from about $5.00 per fish to about $1 per fish.

a) Assuming that 30% of the salmon were caught (and sold in market) each year, calculate the price elasticity of demand, using the mid-point formula in your calculation.

b) Do you think the local fishermen were happy with such an enormous run of fish? Briefly explain