AREC 200 Study Guide - Final Guide: Demand Curve, Economic Surplus, Estuary

• School: JMU
• Department: Agricultural and Resource Economics
• Course: AREC 200
• Professor: Keryn Gedan

Document Summary

Helpful video links: crash course has an economics series going on youtube https://www. youtube. com/watch?v=ni9tldipvcs /j https://www. youtube. com/watch?v=g9adizjpd_s https://www. youtube. com/watch?v=uhiuyj5ea0w7 http://conservation-strategy. org/en/csf-econ-video-lessons. Bevin buchheister, chesapeake bay commission, restoring the chesapeake bay. 2004: brf (bay restoration fund/ flush fee ) established. Must be valued directly or indirectly by humans. Indirect value-bay anchovy (food of the food) stuff that you can"t measure. Measured in terms of trade-offs: something must be given up to obtain something valued. Net value - total value less what is foregone to obtain it ( wtp-cost) The supply curve slopes up - because it is more expensive to produce more, next additional unit is higher. As the availability of a good increases, people"s willingness to pay for it decreases. i. e. if i could buy this same thing for at the other store, i"ll go over there. competition makes price decrease. Quantity: slopes up because: it"s more expensive to produce more.