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Overfishing mighthave on the equilibrium price

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Reference no: EM131083166

A single Bluefin tuna has been sold in a Japanese fish market for a new record price.The sale came at the same time as warnings that tuna stocks (which are a finiteresource) are being overfished.

(a) Describe in what way the following factors would affect the price of a productlike tuna. Give a reason for each of your answers.

(i) A successful advertising campaign.

(ii) A rise in the price of a substitute good.

(b) Describe why demand usually falls as price rises.

(c) Using a demand and supply diagram, describe the impact that overfishing mighthave on the equilibrium price and quantity of Bluefin tuna in the future.

Reference no: EM131083166

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