You are an economic analyst for a commercial fishing business. A financial newspaper

reported the following about the fishing industry, "fisherman are landing smaller catches

each season, but are taking home bigger pay checks. In 2015, the industry landed 467

million pounds of fish sold at market for $25.8 million. This compares to 2014 when 706

million pounds were caught fetching $20.8 million. Employment in the industry fell from

16,444 people in 2014 to 15,850 in 2015".

a) You are asked him to graph the market demand curve for fish, plotting any data

points that might be available; you have also been asked to calculate the price

elasticity of fish; your research suggests that the factors of demand between 2014

and 2015 are unchanged (ceteris paribus applies).

b) Subsequently you learn between 2014 and 2015 people switched to fish because of

a spike in beef prices; please graph demand, plot available data and calculate price

elasticity (if possible).

c) Finally, it turns out that the information in part (b) is incorrect; actually, concerns

about pollution decreased the demand for fish between 2014 and 2015; please graph

demand, plot available data and calculate price elasticity (if possible).