Examlex
A group of island birds have beaks that are on average 20 mm long with a standard deviation of 1 mm. Beak length is a genetically based trait with a heritability of 0.5. Only small seeds are available for these birds to consume, and some of the large-beaked birds are unable to reproduce. The group of birds that successfully reproduces has an average beak size of 16 mm. Based on this information, predict how much the beak size is expected to change in the next generation.
Marginal Rate
A measure or rate of change of a variable (such as cost or benefit) as a result of a unit change in another variable.
Utility Function
A utility function is a mathematical representation of a consumer's preference structure, showing how different bundles of goods and services translate into levels of satisfaction or utility.
Exchange Equilibrium
Exchange equilibrium refers to a state in a market where the supply of goods is equal to the demand for goods, resulting in no excess supply or demand.
Perfect Competition
A market structure characterized by an infinite number of buyers and sellers, homogenous products, and no barriers to entry or exit, leading to price takers rather than price makers.
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