For Each of the Following Situations in the Australian Crocodile

question 57

Essay

For each of the following situations in the Australian crocodile market, determine whether the quantity supplied changes, or whether the supply curve shifts and determine the direction of the change.
a. a number of crocodile farms and ranches closes, ceteris paribus
b. Professor Webb develops an antibiotic that ensures more hatchlings survive on ranches
c. the cost of meat to feed crocodiles rises
d. Thailand announces it is going to increase the number of crocodile farms in the next five years

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.