The present article deals with the problem of combined harvesting of a Michaelis-Menten-type ratio-dependent predator-prey system. The problem of determining the optimal harvest policy is solved by invoking Pontryagin's Maximum Principle. Dynamic optimization of the harvest policy is studied by taking the combined harvest effort as a dynamic variable. Computer simulations are carried out to illustrate our analytical findings. Biological and bioeconomical interpretations of the results are explained critically. (Contains 5 figures.)