Fishing effort by anglers is measured in units of hours H. The relationship between the benefit of angling and hours of fishing is B = 10H - 0.2H^2
Fishing efficiency decreases with additional hours of effort, and the total cost of fishing is C = o.1H^2 + H
a)The fishery is open access. What level of H will be put into the fishery
b)One solution is to let one individual or group take ownership of the lake and restrict access or effort. Suppose the rights to the fishery are given to a single group. what level of effort H, would be expended on fishing.
c) Rather than restricting access, suppose a tax per hour of effort T was charged. What tax would result in the same level of effort as a single owner solution