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In a group of meerkats, a male gives a number of alarm calls that in total save the lives of two sisters as well as three offspring of another sibling. But by giving these alarm calls, the male is exposed to risk of attack from predators and eventually is killed by a hawk. As a result of a shortened life, he does not produce three surviving offspring that he otherwise would have had. What was the inclusive fitness of this individual?
Opportunity Cost
The cost of foregone alternatives, representing the benefits one could have received by taking a different decision.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.
Demand Curve
A curve showing the relation between the price of a good and the quantity consumers are willing and able to buy per period, other things constant.
Market Demand Curve
A graphical representation that depicts the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.
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