Instruction
The First Two pages-Describe the fishing market using what you have learned about opportunity cost, marginal analysis in decision-making, and markets. You must include a discussion of supply and demand as well as marginal benefits and marginal costs.
Next Two pages-Expand your discussion of the market from Part I, using what you have learned about market failures/problems and the feedback you received. Discuss why the market failure occurs and include the correct graph.
Consider catch shares and the positive aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure.Consider catch shares and the negative aspects of this government intervention. Add to your discussion of catch shares using what you have learned about how monopolies make pricing and output decisions, and how and why market power is a problem, in addition to the feedback you received for earlier drafts. Include any other negative aspects of catch shares that you find through your own research. Then put yourself in the role of a social advocate. Noting the problems you presented above, what solutions do you have to help protect society? Offer an alternative solution that addresses the issues you noted in Part I and avoids the problems you noted in the first half of Part II. Be creative, you are not limited to possible government intervention but should also consider potential interventions from other groups in society.