3. (25 points) Salmon fishers fear a collapse of the salmon industry from dams and over- harvesting in some regions (e.g., wild salmon in the Pacific Northwest of the United States). Various policy options for regulation have been considered. Use the following information to analyze the situation. (Please assume that all fishermen are the same with the same fishing cost and they will have exactly the same catch.) Number of price of salmon Catch per fishers ($/1b) fisher (1b) Cost of each fisher ($/fisher) 40 1 2 3 4 5 10 10 10 18 16 14 10 12 10 10 10 8 8 8 8 8 8 8 8 8 40 40 6 8 10 6 7 8 9 10 4 10 2 2 40 (1) (8 points) With the information given in the above table, please find the number of fishers in the region if the fishery is an open access resource and there is no management or coordination. (2) (8 points) Also with the information given in the above table, please find the efficient number of fishers in the region if the fishery is under efficient management (i.e., the total net return from fishing will be maximized). 3. (25 points) Salmon fishers fear a collapse of the salmon industry from dams and over- harvesting in some regions (e.g., wild salmon in the Pacific Northwest of the United States). Various policy options for regulation have been considered. Use the following information to analyze the situation. (Please assume that all fishermen are the same with the same fishing cost and they will have exactly the same catch.) Number of price of salmon Catch per fishers ($/1b) fisher (1b) Cost of each fisher ($/fisher) 40 1 2 3 4 5 10 10 10 18 16 14 10 12 10 10 10 8 8 8 8 8 8 8 8 8 40 40 6 8 10 6 7 8 9 10 4 10 2 2 40 (1) (8 points) With the information given in the above table, please find the number of fishers in the region if the fishery is an open access resource and there is no management or coordination. (2) (8 points) Also with the information given in the above table, please find the efficient number of fishers in the region if the fishery is under efficient management (i.e., the total net return from fishing will be maximized)