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If we want to reduce the quantity of swordfish exchanged in this market to protect the fish population, what will happen to the incomes of people who catch and sell swordfish? What will happen to these suppliers? Provide two suggestions for what the government might do to help these producers.

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

Demand is given by: Qd = 6000 - 50P, Domestic supply is: Qs = 2*P, and Foreign producers can supply any quantity at a price of $40. Calculate each the following:


a. If foreign producers cannot sell in the domestic market, what is the equilibrium price? Quantity? Revenue?

b. If foreign producers can sell in the domestic market, what is the equilibrium price? What is the equilibrium quantity? How much is sold by domestic and foreign producers, respectively? What is the revenue for domestic and foreign producers, respectively?


c. Under domestic government pressure, foreign producers voluntarily agree to restrict their goods. Relative to (b): What will happen to the price and quantity? What will happen to the amount that domestic producers supply? What will happen to revenues of domestic and foreign producers?

In many Sub-Saharan African countries, girls have lower enrollment rates in secondary schools than do boys. If government policy can provide good schools and encourage girls to take advantage of them,

a. describe two ways in which greater education opportunities for girls could lead to faster economic growth.

b. explain what will happen to potential GDP.

c. explain what will happen to employment. The unemployment levels will decrease since there would be a larger working population.

d. explain what will happen to real wage rate The real wage would decrease since there would be a larger working population. The real wage would increase as productivity increases.

Suppose that there is a rural community with a lake, where everyone’s economic activity is fishing. Everyone in that community has more or less the same fishing equipment (boats, rods, etc.), the same fishing skills (knowledge about fishing), and the same luck catching the fish. All of the individual’s well-being depends on the quantity of fish they catch from the lake and then sell on the city. The price at which the fish is sold is not controlled by the fishermen but rather determined by the market. In this context, the only way in which a single fisherman could out-compete another fisherman would be by fishing for longer hours and catching a larger quantity of fish. If the incentive for an individual fisherman is to fish larger quantities, then at some point the rate of reproduction of the fish is smaller than the rate of fishing, potentially depleting them.

Explain the problem with the incentive to out-compete other fishermen by continuing to fish more and more.

What evidence could indicate the problem you observed in 1?

Indicate the reasoning behind this problem. Why did it happen? What context could have led fishermen to try to follow this incentive?

Indicate the possible solution for the problem listed on 1. What could you suggest? What is your solution, based on a reasonable argument?

What are the implications and outcomes of your argument? Did you choose the right argument? If yes/no why?

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