Please answer both parts. Refer to the figure below.Below presents the sustainable yield curve (measured by tons) for afishery as a function of the number of efforts at work in the fishery.Effort is measured in terms of fishing-weeks=number of boats fishingx number of weeks per boat. Which of the following information couldhelp convert the Y axis to dollar values (benefits and costs)?TonsSystalnatble4Harvests3.110.20Effort (weeks of fishing) .30 40 50Assuming a fixed amount of fishing hours.Assuming total costs of fishing is constant.Assuming a fixed price per ton of fish.Assuming marginal cost of fishing is constant. Total benefits and total costs of fishing are illustrated in the figurebelow. Refer to the figure below and answer questions Q7-Q9.What's the effort level that leads to the maximum sustainable yield?Benefits and costs offishing effort ($) 500Total Costs400300200Total Benefits10010 15 20 25 30 35 4050Effort (weeks of fishing)15 weeks of fishing.25 weeks of fishing35 weeks of fishingO 50 weeks of fishing

Given, Effort = Number of boat fishing x Number of weeks per boat. a) In the first figure, the…

Below presents the sustainable yield curve (measured by tons) for a fishery as a function of the number of efforts at work in the fishery. Effort is measured in terms of fishing-weeks=number of boats fishing x number of weeks per boat. Which of the following information could help convert the Y axis to dollar values (benefits and costs)?

Below presents the sustainable yield curve (measured by tons) for a fishery as a function of the number of efforts at work in the fishery. Effort is measured in terms of fishing-weeks=number of boats fishing x number of weeks per boat. Which of the following information could help convert the Y axis to dollar values (benefits and costs)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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