(Answered) In the trade scenario in problem 1 due to overshing norway

Economics

In the trade scenario in problem 1, due to over?shing, Norway becomes unable to catch the quantity of ?sh that it could in previous years. This change causes both a reduction in the potential quantity of ?sh that can be produced in Norway and an increase in the relative world price for ?sh, Pf /Pa.

a. Show how the over?shing problem can result in a decline in welfare for Norway.

b. Also show how it is possible that the over?shing problem could result in an increase in welfare for Norway.

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