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Suppose a management council decides to regulate this fishery for the first time. The management council is considering two alternative policies: a tax on the

Suppose a management council decides to regulate this fishery for the first time. The management council is considering two alternative policies: a tax on the fish catch, and freely allocated individual transferable quotas (ITQs).

(i) Carefully discuss the impact of the two proposed policies. (10 marks)

(ii) In your opinion, which policy should be implemented by the management council? Explain.

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