Washington-area residents who like to fish have two options: they can fish either in the Atlantic Ocean or in the Chesapeake Bay. The ocean is very large and sparsely populated with fish. The Bay is smaller, with many fish, but is ecologically very fragile. As more people fish in the Bay, the water becomes polluted and kills some of the fish before they can be caught. On any given weekend (the only time sport fishing occurs), if x people fish in the Atlantic Ocean, each one catches 10 fish (regardless of the value of x), while if y people fish in the Bay, each catches 20 - 2y. Each fish caught yields $1 of "benefit" to the sport-fisherman/woman. There are exactly 10 such sport fishermen in the region. A. Suppose that individuals are allowed to fish without having licenses and can choose where to fish without any regulation. How many would choose to fish in the Atlantic Ocean and how many would choose to fish in the Chesapeake Bay? In what sense is the predicted outcome an economic equilibrium? B. Individuals are not required to have fishing licenses in order to fish, but such a requirement could be imposed. If it were imposed, then what is the maximum amount that an individual would be willing to pay for a fishing license when all ten residents are fishing? C. Six of the town's residents who like to fish move to Alaska. With only four fisher people left in town, how many will fish in the Atlantic Ocean and how many will fish in the Chesapeake Bay? What is the maximum amount that an individual would be willing to pay for a fishing license when all four residents are fishing?