Bioeconomics and the role of discounting

We now incorporate economics more explicitly by introducing the net revenue R(E) (or economic rent or profit) which depends upon effort, the price p per unit harvest and the cost c of a unit of effort

In the steady state, for which N — N — K [1 -(qE/r)], we conclude that

We analyze this equation graphically (Figure 6.7), as we did with the steady state for population size, but in this case there is a bit more to talk

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