Part I – (this draws on opportunity cost (Ch 1) and markets (Ch 3))
Describe the fishing market, as it would be in a free market without government intervention, using what you have learned about scarcity, marginal analysis in
decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of
this as an explanation of the pros and cons of the market using specific economic terminology and concepts learned in this course.
Describe the benefits and costs but leave the discussion of catch shares and other solutions to the problems in this market for the next part. Describe this
market using the supply and demand graphical model; reference your graph in your descriiption. Include “graph 1” of this market at the end of the paper (not
included in page count). This should be a discussion without mentioning catch shares, only discuss the fishing market without this intervention. Feel free to
use any stats or data that you find through your own research – make sure you use economic terminology from chapters 1 and 3 throughout this part of the
Part II – (this draws on public/common goods (Ch 13) to improve the discussion in Part I)
Expand your discussion of the market from Part I, using what you have learned about market failures/problems due to different types of goods. Discuss why
the market failure occurs using a graph (you must discuss, describe, and reference the graph in your paper) – add to the supply and demand graphical model
“graph 1” OR include a separate supply and demand graphical model “graph 2″; reference and discuss your graph in your paper.
Now consider catch shares and the helpful aspects of this government intervention. Explain the current government intervention and exactly how it corrects
the market failure. Include any other beneficial aspects of catch shares that you find through your own research – make sure you use economic terminology
from chapters 4 and 13 throughout this part of the paper.
Part III – (this draws on monopoly and antitrust regulation (Ch 9) to improve the argument made in the Rough Draft as well as describe an unintended
Consider catch shares and the negative aspects of this government intervention. In addition to improving your paper based on the feedback you received,
add to your previous discussion of catch shares using what you have learned about how monopolists make pricing and output decisions and how and why
market power is a problem. Recall from the documentary how catch shares and monopoly are related. Include any other negative aspects of catch shares
that you find through your own research – make sure you use economic terminology from chapter 9 throughout this part of the paper.
Part IV – (this requires you to offer a creative alternate solution to the consequence you described above)
Now 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 the rough draft and avoids the problems you noted above. Be creative, you are not limited to
possible government interventions but should also consider potential interventions from other groups in society.
The body of the text must be at least 7, no more than 8, full pages.
Part I and II should take 4 pages
Part III and IV should take 3 pages
Double-spaced, 1” margins, and size 12 Arial FONT. It should be in written your own words and not a series of quoted texts. You should write from your own
ideas, formed through content provided in the document below, but not by over paraphrasing or over quoting other work