economic equilibrium is reached at which supply matches demand. This kind of open market is highly idealized: in practice there may be collusion between suppliers, artificial price supports imposed by external agencies (such as governments), or other barriers that mitigate against a free market. It may be fairly reasonable, however, as a depiction of economic interactions in a rural economy, such as that supplying game meat in equatorial Africa or southeast Asia (Clayton et al. 1997; Fa and Peres 2001).
Now we are going to consider how sustainable resource levels are liable to respond to variation in prices (Clark 1990; Milner-Gulland and Mace 1998). We will use some of the relationships already derived, and rearrange terms to calculate a new relationship based on price (p) and equilibrium harvest (Heq), the latter the relevant measure of production in a renewable resource system. Recall the following:
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