Reference no: EM133067058

You are an economic analyst for a commercial ?shing business. A ?nancial newspaper reported the following about the ?shing industry, "?sherman are landing smaller catches each season, but are taking home bigger pay checks. In 2015, the industry landed 467 million pounds of ?sh sold at market for $25.8 million. This compares to 2014 when 706 million pounds were caught fetching $20.8 million. Employment in the industry fell from 16,444 people in 2014 to 15,850 in 2015".

a) You are asked him to graph the market demand curve for ?sh, plotting any data points that might be available; you have also been asked to calculate the price elasticity of ?sh; your research suggests that the factors of demand between 2014 and 2015 are unchanged (ceteris paribus applies).

b) Subsequently you learn between 2014 and 2015 people switched to ?sh because of a spike in beef prices; please graph demand, plot available data and calculate price elasticity. 0) Finally, it turns out that the information in part (b) is incorrect; actually, concerns about pollution decreased the demand for ?sh between 2014 and 2015; please graph demand, plot available data and calculate price elasticity.