[Essay Help]: The Minister understands that open access is inefficient and risks “crashing” the fishery and she intends to provide some protection from over-depletion by imposing a minimum biomass level.

The Minister understands that open access is inefficient and risks “crashing” the fishery and she intends to provide some protection from over-depletion by imposing a minimum biomass level.. The Minister understands that open access is inefficient and risks “crashing” the fishery and she intends
to provide some protection from over-depletion by imposing a minimum biomass level.
? A biological adviser has suggested that setting harvest at maximum sustainable yield [MSY]
would be best because it would maximise perpetual volume of fish harvested.
? Another adviser has suggested that it would be better to target maximum static economic yield
[MSEY] because it would maximise perpetual net income (profit) from the fishery.
The Minister has asked you to estimate the impacts of these two policies relative to continuing with open
access.

The Minister understands that open access is inefficient and risks “crashing” the fishery and she intends to provide some protection from over-depletion by imposing a minimum biomass level.