(81) that the marginal increment in cost of an additional gross regis-

tered ton is estimated to be approximately $429.00.

 Equation (81) defines the annual operating and maintenance cost

estimates used in the MEY optimization model. Corresponding to each

predetermined level of fishing power and, hence, vessel size is an

annual vessel cost defined by appropriate substitution in equation (81).

Fishing power for the MEY solution was exogenously set at 1975 levels.

Utilizing the average vessel size for each state in 1975, Table 9

presents the estimated annual vessel operating and maintenance costs for

each state. These cost estimates compare favorably with those reported

by Cato and Prochaska (1976a). The effect of the vessel size component

of fishing power on the estimated annual total cost of a reef fish

vessel is substantial. The elasticity of total cost estimated at mean

levels of cost and vessel size is 0.84. Thus, a 10 percent increase in

vessel size increases estimated cost by 8.4 percent.


Table 9. Estimated annual operating and maintenance costs for reef
 fish vessels by state, 1979


 Stae Vessel size Estimated cost
 (gross registered tons) (dollars)


 Florida 25.22 15,194

 Alabama 68.90 33,920

 Mississippi 73.00 35,678

 Louisiana 59.00 29,674

 Texas 49.05 25,410