QUESTION 1 Consider the graph below. Benefits an of fishing effort (dollars) Original Total Costs Total Benefits Effort If there was new regulation that banned fishing from an area, this would translate in a higher marginal cost of effort. This would cause the total cost curve to rotate. a) Show this change on the graph. b) Is the new efficient level of effort more or less than before the regulation was introduced? The efficient level of effort is the effort that delivers the efficient sustainable yield. Use a graph to show your resultQUESTION 2 Consider the same graph. e) How would it look if the price of fish decreases? f) What would happen to the amount of effort that derives the maximum sustainable yield? g) What would happen to the amount of effort required to reach the efficient sustainable yield? h) Suppose the fishery allowed free access. Would a fall in the price of fish generally result in a larger or a smaller harvest (effort)? why