The catch-effort function for a Dover sole, a fish species, is given by: Q(t)=600E(t)-3E(t)^2,where Q is catch and E is effort. The price per unit and cost per unit effort are given by P = 5 and c = 1,500. If a numerical answer is not a whole number, round off to 1 decimal place.
Indicate the letter that corresponds to the correct answer, using this list of possible answers (you may use a given letter in more than one question):
A. 100 B. 37,500 C. 50 D. 2500 E. 30,000
1. What is the maximum sustainable yield for this species?
2. What effort level would occur with open access (free entry)?
3. What catch would occur with open access (free entry)?
4. What effort level would maximize profit per period?
5. What is the maximum profit per period in this fishery?