Suppose that a population of fish grows according to the logistic function: (1 / ), where r=2 and K=1000 and suppose that harvests are given as H= qes, where q=0.02. whereas sustainable harvest (H), as a function of effort (e) will be given by the equation H(e) = ( 2 2)/ . Further, assume price, P=1 and costs =ae = 10e

a) Calculate the level of effort for the economically optimal outcome (e*) and maximum sustainable yield (e-msy) outcome.

b) Calculate the level of stock and harvests in each scenario in a).

c) Graph your answers in a) and b) (have a separate graph for stock and effort).

d) In theory, compare whether harvests should be higher in Maximum sustainable yield vs. H*