technique is more costly to fisherman and now doubles the cost of a unit of effort (such that it is now $18 rather than $9). What is the effect of this new regulation? What would we expect the new equilibrium effort level to be? Is this policy efficient? Why or why not? 3. Suppose the pacific sablefish fishery is characterized by the following equations for sus- tainable yield (SY ) and total cost (TC): SY = 100E - 2E2 TC = 12E The market price for one ton of sablefish is $2. (a) Find the level of effort that produces the maximum sustainable yield (EMSY ). (b) Find the efficient level of effort for the fishery (E . ) and the total rents under this level of effort. (c) Find the open-access equilibrium for the fishery (EOA). (d) Suppose lower gas prices make it cheaper for fishermen