ECON 261 Lecture Notes - Effects Of High Altitude On Humans, Reproductive Isolation, Synapomorphy

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olivecaribou938

13 Mar 2019

School

ACU

Department

MGTS - Economics

Course

ECON 261

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What ecology is and why it matters 28. Hawaiian honeycreepers have all descended from a single species of finch in the last. How did this occur: how did we get such a large variety of species. Species, speciation and hybridization | term test 2 | exam guide: is the evolution of adaptation required for speciation. The species problem" involves the problem of how best to define a species. Fairly easy to identify within a region (sympatric), but gradual differences across regions (allopatric) more problematic. Genetic similarity also used to identify and define species (phylogenetic species concept) Taxonomic (or morphological: based primarily on distinct morphological differences. Biological: based on inter-fertility (crossability) among individuals. Concepts vary among different groups of organisms no universal species concept. Darwin and the role of natural selection in the origin of species. I look at the term species, as one arbitrarily given for the sake of convenience to a set of individuals closely resembling each other .

Related Questions

A food company has recently introduced a new line of fruit pies in 6 US cities: Atlanta, Baltimore, Chicago, Denver, St. Louis, and Fort Lauderdale. Based on the pies apparent success, the company is considering a nationwide launch. Before doing so, it has decided to use data collected during a two-year market test to guide it in setting prices and forecasting future demand.

For each of the 6 markets, the firm has collected eight quarters of data for a total of 48 observations. Each observation consists of data on quantity demanded (number f pies purchased per week), the price per pie, a competitor's average price per pie, income, and population. The company has also included a time-trend variable. A value of 1 denotes the 1^st quarter observation, 2 the 2^nd quarter, and so on, up to 8 for the 8^th and last quarter.

A company forecaster has run a regression on the data, obtaining the results displayed in the accompanying table.

	Coefficient	Stand. Error of Coefficient	Mean Value of Variable
Intercept	-4,516.3	4,988.2	------
Price ($)	-3,590.6	702.8	7.5
Competitors'price($)	4,226.5	851	6.5
Income ($000)	777.1	66.4	40
Population (000)	0.40	0.31	2,300
Time (1 to 8)	356.1	92.3	------
N = 48	R^2 = 0.93	Standard error regression = 1,442

C.) Other things equal, how much do we expect sales to grow (or fall) over the next year?

D.) How accurate is the regression equation in predicting sales new quarter? Two years from now? Why might these answers differ?

E.) How confident are you about applying these test-market results to decisions concerning national pricing strategies for pies?

apricotcamel269

A food-products company has recently introduced a new line of fruit pies in six U.S. cities: Atlanta, Baltimore, Chicago, Denver, St. Louis, and Fort Lauderdale. Based on the pie%u2019s apparent success, the company is considering a nationwide launch. Before doing so, it has decided to use data collected during a two-year market test to guide it in setting prices and forecasting future demand.

For each of the six markets, the firm has collected eight quarters of data for a total of 48 observations. Each observation consists of data on quantity demanded (number of pies purchased per week), price per pie, competitors%u2019 average price per pie, income, and population. The company has also included a time-trend variable for each observation. A value of 1 denotes the first quarter observation, 2 the second quarter, and so on, up to 8 for the eighth and last quarter.

A company forecaster has run a regression on the data, obtaining

the results displayed in the table.

Coefficient Standard Error of Coefficent Mean of ValueVariable

Intercept -4,516.3 4,988.2 ------

Price (dollars) -3,690.6 702.8 7.50

Competitor's

price (dollars) 4226.5 851.0 6.50

Income ($000) 777.1 66.4 40

Population(000) .40 .31 2,300

Time (1 to 8) 356.1 92.3 -----

N = 48. R2=.93. Standard error of regression = 1,442

a. Which of the explanatory variables in the regression are statistically significant? Explain. How much of the total variation in pie sales does the regression model explain? -

b. Compute the price elasticity of demand for pies at the firm%u2019s mean price: ($7.50) and mean weekly sales quantity (20,000 pies). Next, compute the cross-price elasticity of demand. Comment on these estimates.

c. Other things equal, how much do we expect sales to grow (or fall over the next year?

d. How accurate is the regression equation in predicting sales next quarter? Two years from now? Why might these answers differ?

e. How confident are you about applying these test-market results to decisions concerning national pricing strategies for pies?

Alternatives and Costs

In the fall, Jay Thompson decided to live in a university dormitory. He signed a dorm contract under which he was obligated to pay the room rent for the full college year. One clause stated that if he moved out during the year, he could sell his dorm contract to another student who would move into the dormitory as his replacement. The dorm cost was $5,000 for the two semesters, which Jay had already paid.

A month after he moved into the dorm, he decided he would prefer to live in an apartment. That week, after some searching for a replacement to fulfill his dorm contract, Jay had two offers. One student offered to move in immediately and to pay Jay $300 per month for the eight remaining months of the school year. A second student offered to move in the second semester and pay $2,500 to Jay.

Jay estimates his food cost per month is $500 if he lives in the dorm and $450 if he lives in an apartment with three other students. His share of the apartment rent and utilities will be $400 per month. Assume each semester is 4.5 months long. Disregard the small differences in the timing of the disbursements or receipts.

(a) What are the three alternatives available to Jay?

(b) Evaluate the cost for each of the alternatives.

From Chapter 2

Fixed, Variable, Average, and Marginal Costs

One of your firmâs suppliers discounts prices for larger quantities. The first 1,000 parts are $13 each. The next 2,000 are $12 each. All parts in excess of 3,000 are $11 each. What are the average cost and marginal cost per part for the following quantities?

(a) 500

(b) 1,500

(d) 3,500

Fixed, Variable, Average, and Marginal Costs

A new machine comes with 100 free service hours over the first year. Additional time costs $75 per hour. What are the average and marginal costs per hour for the following quantities?

(a) 75

(b) 125

Segmenting Models

SungSam Inc. is designing a new digital camcorder that is projected to have the following per unit costs to manufacture:

Cost Categories Unit Costs

Materials costs $63

Labor costs 24

Overhead costs 110

------

Total unit cost $197

Sungsam adds 30% to its manufacturing cost for corporate profit.

(a) What unit profit would Sungsam realize on each camcorder?

(b) What is the overall cost to produce a batch of 10,000 camcorders?

(c) What would Sungsamâs profit be on the batch of 10,000 if historical data show that 1% of product will be scrapped in manufacturing, 3% of finished products will go unsold, and 2% of sold product will be returned for refund?

(d) How much can Sungsam afford to pay for a contract that would lock in a 50% reduction in the unit material cost previously given? If Sungsam does sign the contract, the sales price will not change.

Cash Flow Diagrams

Pine Village needs some additional recreation fields. Construction will cost $225,000 and annual O&M expenses are $85,000. The city council estimates that the value of added youth leagues is about $190,000 annually. In year 6 another $75,000 will be needed to refurbish the fields. The salvage value is estimated to be $100,000 after 10 years. Draw the cash flow diagram.

ECON 261 Lecture Notes - Effects Of High Altitude On Humans, Reproductive Isolation, Synapomorphy

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