Unformatted text preview: and MC curves. (b) Illustrate the steady state open access equilibrium on a graph which shows Total revenue and Total Cost Curves. (c) Solve for the steady state open access equilibrium level of stock, harvest, and effort. (d) Illustrate the steady state private property equilibruim on a graph which shows AR, MR, and MC curves. (e) Illustrate the steady state private property equilibrium on a graph which shows Total revenue and Total Cost Curves. (f) Solve for the steady state private property equilibrium level of stock, harvest, and effort. 2. Explain why an open access shery dissipates all rents in the fshery. ( A good answer requires only a few sentences) 1...
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This note was uploaded on 11/04/2010 for the course ECO 314 taught by Professor Matthewturner during the Spring '08 term at University of Toronto.
 Spring '08
 MATTHEWTURNER

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