02 Nov This Draft has two primary parts. You should write
This Draft has two primary parts. You should write the paper as a cohesive whole; do not include section headers.Part I – (this draws on opportunity cost (Ch 1) and markets (Ch 3)) Describe the fishing market 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 economic terminology.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. DO NOT discuss 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 econ terminology.Part II – (this draws on public/common goods (Ch 5) to improve the argument made in Part I) Expand your discussion of the market from Part I, using what you have learned about market failures/problems and the feedback you received. Discuss why the market failure occurs and include the correct economic graph (you must discuss, describe, and reference the graph in your paper).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 econ terminology throughout.The body of the text (NO header/footers/by lines, separate – title/graph/bibliography page) must be at least 4 full pages (it is best if you write onto the fifth page to be sure you meet the minimum). Only use in-line citations with the author and the year in parentheses at the end of the sentence; do not include citations in the footers. The full citation should be given on the bibliography page only.Make sure to include a title page and an updated bibliography page (both should be on their own pages and not share a page with the body of the text). Graphs/Charts/Figures/Bibliography should be at the very end of the text and are not included in page count.