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The marginal costs of harvesting refer to the additional costs incurred to harvest ____ (how many?) basket(s) of fish. ? 1 ? 0 ? 6 ? 2 

          The marginal costs of harvesting refer to the additional costs incurred to harvest ____ (how many?) basket(s) of fish.
? 1
? 0
? 6
? 2
The marginal costs of harvesting refer to the additional costs incurred to harvest (how many?) basket(s) of fish. ? 1 ? 0 ? 6 ? 2

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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The marginal costs of harvesting refer to the additional costs incurred to harvest (how many?) basket(s) of fish. 1 0 6 2 The marginal costs of harvesting refer to the additional costs incurred to harvest (how many?) basket(s)of fish O1 00 06 02
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The following graph contains benefit and cost information for current harvests from a fishery. D is the demand for harvested fish in the current period, MCC is the current marginal costs of harvesting and marketing the fish, and MUC is the marginal user cost of current harvests. 1.1 What is the dynamically efficient level of current harvests? [1 point] 1.2 What is the total natural resource rent for the dynamically efficient level of current harvests? [1 point] 1.3 Suppose that there are no restrictions on how many fishers can access the fishery or on how much each fisher can harvest. This makes the fishery an open access resource. Show how the resource rent is dissipated with open access to the fishery. Explain your answer. [2 points] 1.4 To confront the open-access problem, the government imposes a landing (harvest tax equal to t per unit of harvested fish. What is the level of the tax that induces the efficient level of current harvest? Explain how this tax motivates fishers to reduce their harvests. [2 points] 1.5 Explain how the government captures the entire natural resource rent with the efficient harvest tax. [2 points]

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Transcript

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00:02 The dynamically efficient level of current harvest is where the marginal user cost equals to the marginal cost of harvest.
00:10 So in the graph the point is at q.
00:15 The dynamic efficient level of current harvest is where the muc equals to the muc that is the marginal user cost is equals to the marginal cost of harvest.
00:45 In this graph the point is at q.
00:53 Next, the total natural resource rent for the dynamically efficient level of current harvest in the area above mcc curve and below the demand curve up to the point q.
01:04 So this is represented by the triangle acd in the graph...
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