Lobster traps. Lobster are caught in traps, which are baited and left in the open ocean. Licenses to fish for lobster are limited, there is a small additional fee for each Fishers 1.56021e-4 0.0000 3.54 0.0008
a) The number of licensed lobster fishers has fluctuated over the years between roughly 5000 and 10,000. Recently the number has been just over 7000. But licenses are in demand (and tightly restricted). What does this model predict the value of the catch would be in a year if there were 10,000 licensed fishers? (Take care to interpret the coefficient cor- rectly and to compute the inverse of the log transformation.)
b) Interpret the slope coefficient. Do more fishers cause a higher valued harvest? Suggest alternative explanations.