describe the fishing market and market failure

part 1:

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 DO NOT discuss catch shares, only discuss the fishing market without any interventions.

part 2:

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 graph.

Consider catch shares and the positive aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other positive aspects of catch shares that you find through your own research.

Requirements:

each part should be 2 full pages, without the graph or anything, double-spaced, 1″ margins, and size 11 Calibri FONT. Also, a citation page (Chicago style).

I have attached the rubric.

For each part add a graph in a separate page, so two graphs only

A total of 6 pages: 2 pages part one + 2 pages part two + 1 graph page + 1 citation.