Section_10_Jenny - Section Notes 10 Outline Announcements...

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Unformatted text preview: Section Notes 10 Outline Announcements Midterm Fisheries Review International Trade Announcements • I'll be holding extra o ce hours on Friday, from 12:10-1:30 in 234 Giannini. Monday's o ce hours (this week only) are 10:10-11:10 am instead of 4:15-5:15 pm, in 304 Giannini. Thursday's o ce hours are at the regular time of 2:15-3:15 in 304 Giannini. • I will be willing to meet individually with anyone who had an exam score of 50 or below to discuss concepts that they had trouble with on the exam. Just email me or talk to me after section or during o ce hours. • We'll return Problem set 2 next week. Problem set 3 is posted and is due Thursday, April 16. Renewable Resources: Fisheries Review A renewable resource has a growth rate, g ( S ) , which is based on the size of the population stock, S . In steady state , growth = harvest, so the amount harvested must H = g ( S ) . With no harvest the stock will grow to its natural carrying capacity , S CC . The maximum amount that could be harvested sustainably is where the growth is highest, and is denoted as H msy above. We call this the maximum sustainable yield . The bioeconomic equilibrium is where catch/harvest maximizes pro t and is also in steady-state. Pro t is revenue (the price per harvested sh times the harvest) minus cost (which depends on harvest level as well as stock size): P · H- C ( H,S ) . Typically, higher stock means lower cost: the more sh there are in the lake, the easier it is to catch them. If cost did not depend on stock, where would the pro t-maximizing...
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