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Posted: November 29th, 2017
Suppose that in the absence of
Question description
Suppose that in the absence of human intervention the stock of tuna (z) would change according to the following equation: dz/dt = 10z − 0.02z2. Furthermore, suppose E units of fishing effort will produce a harvest of tuna (x) given by x = 0.02zE. Finally, suppose the cost of E units of effort is $4E, where $4 is the wage rate, and that the price of tuna is constant at $1.5 dollar per unit of x.A. Find the profit-maximizing sustainable equilibrium for this model when the tuna are not common property (that is, when the level of effort can be controlled). Solve for the levels of Z, E, x and profit. (8points)
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