A catfish farm has seen its sales decrease by an average of 2 percent per year from a high of 60 million pounds in 2007. During the same period, it has increased its prices by an average of 4 percent per year from $0.70 per pound in 2007. Determine how many pounds of catfish the farm sold in 2009. Then calculate the difference between dollars earned from sales in 2009 and dollars earned from sales in 2007. Round your figures to the nearest cent.
Calculate the minimum number of pounds of catfish the farm would need to sell at 2007 prices to match its 2009 earnings. Round your answer to the nearest pound. Explain how government subsidies could help the farm become more profitable.
Using catfish as an example, explain the difference between bioaccumulation and biomagnification. Explain how aquaculture can reduce the risks posed by these phenomena to people who eat fish.
Identify and describe one environmental advantage and one economic advantage, other than those discussed in Part (c), of farming catfish rather than catching them in the wild. Identify and describe one environmental disadvantage and one economic disadvantage, other than those discussed in Part (c), of farming catfish rather than catching them in the wild.