This solution was conditional on average fishing power per vessel in

each state being at 1975 levels.

 In addition to the determination of the appropriate number of

vessels to attain maximum economic yield, the model determined the

optimum allocation of vessels among states within the fishery. The

optimum number of nominal vessels corresponding to maximum economic

yield represents a 64 percent overall decrease in vessels when compared

to 1975 vessel numbers. The changes in vessel numbers varied widely

across states. The reduction in vessels necessary to attain maximum

economic yield in the fishery in aggregate, required vessel reductions

in Florida and Texas of 68 percent and 96 percent, respectively, from

1975 levels. In addition, the Louisiana fishery would have to be com-

pletely eliminated. Preliminary data for 1976 report no reef fish

vessels fishing out of Louisiana ports. Nominal vessel numbers would

increase in Mississippi and Alabama in the maximum economic yield

solution when compared to 1975 vessel numbers. The optimum number of

vessels in Alabama would increase 38 percent while those in Mississippi

would increase 59 percent.

 Total profit resulting from maximum economic yield in the GMRFF was

 estimated to be approximately $3.2 million. Average profit per vessel

 varied widely across states. Florida and Alabama vessels had similar

 average vessel profit levels of $14.4 and $13.8 thousand respectively.

 Mississippi vessels had an average profitability of $38.2 thousand per

 vessel while Texas vessels averaged $9.1 thousand. Average profit per

 vessel differs across states primarily because price in each state

 represents the weighted average value per pound of reef fish landed.