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1.Supposethat growth rate of the Atka mackerel (Pleurogrammus monopterygius) stock in the Western Aleutian Islands fits a logistic function, with parameter values listed in Table 1below.a.What is the stock level that corresponds to maximum sustainable yield (MSY)? Depict your solution on a graph with growth on the vertical axis and the stock level on the horizontal axis.Table1.Parameter valuesParameteraKqpwValue.83,0000.025100400Units1/yeartons1/trip$/ton$/trip2.Nowassume that there is a single decisionmaker (a hypothetical“sole owner”, or perhaps a cooperative)empoweredto choosethe level of effort for the fishery. The vessel has cost per-unit of effort equal towand earns landings price pfor Atka mackerel harvested (see Table 1).a.What level of effort (trips/season) will the decisionmakerselect for the fisheryin equilibrium? Use the bioeconomic functions provided in Table 2 below to calculate your answer. Explain your reasoning.b.On a graph with dollars on the vertical axis and effort on the horizontal axis, depict your answer to problem #2.b.Table 2.Bioeconomic functionsof aggregate effortSustainable stock????(????)=????[1−????????????]Sustainable harvestrate????(????)=????????????[1−????????????]Total revenue????(????)=????H(E)Total cost????(????)=????????Average revenue????????(????)=????????(????)????Average costwMarginalrevenue????????(????)=????????????[1−2????????????]Marginal costw

2of 23.Consider a scenario where the Western Aleutian Island Atka mackerel fishery isopen access, with all current and potential participants facing the same landing price and sharing vessel 1’s cost structure.a.What level of effort will be active in this fishery in equilibrium under open access?Explain your reasoning.b.On a new graph with dollars on the vertical axis and effort on the horizontal axis, depict your solution to problem #3.a.c.Taking your graph from problem #3.b, add the solutions to problems #1.a. and #2.a(making adjustments as necessary so allsolutions are in the same units). If the three solutions you draw differ, explain how and why