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of fishing effort (486 standardized vessels) was estimated to be 13.0

million pounds. The actual catch of 14.7 million pounds indicated that

catch levels in 1975 exceeded sustainable yield.

 The estimated sustainable yield function was also utilized to check

the validity of the derived equilibrium interpretation of the catch

equations utilized in the GMRFF model. The sustainable yield correspond-

ing to the maximum economic yield effort level of 235 standardized

vessels was estimated to be about 11.8 million pounds. Comparing this

estimate with the 11.5 million pound estimate obtained using the derived

equilibrium catch function gave considerable support to the equilibrium

interpretations of the catch equation component of the GMRFF model.

 The maximum economic yield estimate of 11.5 million pounds is a

conditional maximum, defined for a given average level of fishing power

for vessels in each state. To examine how maximum economic yield and

the corresponding number of vessels changed with exogenous changes in

fishing power, average crew size and vessel size in each state were

increased in constant proportions.

 The resulting maximum economic yield estimates increased from 12.2

million pounds for a 10 percent increase in average fishing power per

vessel to 13.2 million pounds for a 25 percent increase in average fish-

ing power. The optimum number of nominal vessels necessary to catch

maximum economic yield declined as fishing power increased. The optimum

number of vessels ranged from 171, given a 10 percent increase in fish-

ing power, to 158, corresponding to a 25 percent increase in average

fishing power per vessel. Effective fishing effort (standardized

vessels) in the fishery increased, however. Thus, the increases in

fishing power per vessel more than offset the decline in nominal