Problem
A fishery is under the control of a far-sighted manager and has reached its steady state. Alas, the manager consumes far too much navy rum. Attempting to drive home in the early morning hours, he strikes a lamp-post at high speed and instantly attains his personal steady state. He is replaced by a myopic manager.
a) In a diagram, show how the number of active boats bt and the stock of fish st adjust as the fishery moves to its new steady state.
b) Show how the profits of the fishery change through time as the fishery adjusts to its new steady state.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.