K 3. Consider a fishery where F(X ) =rX, 1[1[?],}{, =qgX E,C =cE,wherer,K,gand C i are positive parameters. a. What are the analytic expressions defining the static open access equilibrium (X, Ve, E==)7 3 points b. Suppose that, rather than being open access, the fishery is managed to maximize the present value of net revenue. What is the fundamental equation of renewable resources for this problem? Re-arrange this equation such that y is written as a function of X and model parameters ( y=(X) ). 3 points c. Use the following parameter values to graph y=(X) and y = F(X) in Excel: = 0.05,r=01,K=1,g=0.01, p=200, c=1. Based on the graph, what are (approximately) the steady state values X, y". Compare to the open access equilibrium (X=, y=) calculated with the same parameter values. 4 points