Harvesting a Renewable Resource. Suppose that the population \(y\) of a certain
species of fish (for example, tuna or halibut) in a given area of the ocean is
described by the logistic equation
$$
d y / d t=r(1-y / K) y .
$$
While it is desirable to utilize this source of food, it is intuitively clear
that if too many fish are caught, then the fish population may be reduced
below a useful level, and possibly even driven to extinction. Problems 20 and
21 explore some of the questions involved in formulating a rational strategy
for managing the fishery.
At a given level of effort, it is reasonable to assume that the rate at which
fish are caught depends on the population \(y:\) The more fish there are, the
easier it is to catch them. Thus we assume that the rate at which fish are
caught is given by \(E y,\) where \(E\) is a positive constant, with units of \(1
/\) time, that measures the total effort made to harvest the given species of
fish. To include this effect, the logistic equation is replaced by
$$
d y / d t=r(1-y / K) y-E y
$$
This equation is known as the Schaefer model after the biologist, M. B.
Schaefer, who applied it to fish populations.
(a) Show that if \(E0 .\)
(b) Show that \(y=y_{1}\) is unstable and \(y=y_{2}\) is asymptotically stable.
(c) A sustainable yield \(Y\) of the fishery is a rate at which fish can be
caught indefinitely. It is the product of the effort \(E\) and the
asymptotically stable population \(y_{2} .\) Find \(Y\) as a function of the
effort \(E ;\) the graph of this function is known as the yield-effort curve.
(d) Determine \(E\) so as to maximize \(Y\) and thereby find the maximum
sustainable yield \(Y_{m}\).