ABSTRACT This paper establishes a prey–predator model with a Holling type IV functional response and proportional harvesting in prey species and nonlinear harvesting in predator species. We provide a completely local and global bifurcation analysis of the model to characterize some meaningful results that may emerge from the interaction of biological resources. The proposed model exhibits various complex behaviors involving heteroclinic and homoclinic orbits, and we prove analytically that it also undergoes transcritical, Hopf, and Bogdanov–Takens bifurcations in the prey–predator plane. Moreover, the system is unfolded to compute the bifurcation curves, highlighting the critical dynamics by perturbing two bifurcation parameters near the cusp. Furthermore, from the economic point of view, the bionomic equilibrium of the system is studied, and optimal harvesting policy is derived using the Pontryagin’s maximum principle. Numerical simulations are presented to verify our analytical results.
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