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Now assume that a regulator implements an optimal lump sum tax on effort. Explain what happens to each aspect of the fishery in the new

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Now assume that a regulator implements an optimal lump sum tax on effort. Explain what happens to each aspect of the fishery in the new management regime. c. The average catch (efficiency) of each fishing vessel. d. The size of the fishing fleet.. e. The total industry profit (revenue minus costs) earned by fishermen. f. The total social welfare (industry profit plus revenue earned by society)

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