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In accordance with Wilson and MacArthur's theory of island biogeography, the following equations represent the immigration and extinction rates of species of beetles on a small island. (I = immigration rate of species per month; E = extinction rate of species per month; S = number of species currently on the island.)
I = 9 ? 0.2S
E = 0.3S
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Based on these equations, what is the expected equilibrium species diversity on that island?
Laspeyres Price Index
a measure of the change in the cost of purchasing a fixed basket of goods and services, relative to the cost of the same basket in a base period.
Demand Function
A mathematical expression showing the relationship between the quantity demanded of a good and its price, along with other determinants like income and prices of related goods.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Income
The money received by an individual or entity, typically measured over a certain period, for labor, services, or through investments.
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