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One ecologist is studying the genetic changes in a fish species in Africa over several decades, monitoring several populations of the species in different lakes. A second ecologist is studying changes in the same fish species throughout history, relying not only on present-day data, but on information from fossils, preserved specimens, and DNA changes over time. Both scientists are interested in how this species fits into its environment and how it's changed as its environment has changed. What is the difference in the approach of these two scientists?
Average Variable Cost
The total variable cost divided by the quantity of output produced; it represents the variable cost per unit of output.
Marginal Revenue
The additional income earned from selling one more unit of a good or service, a key factor in decision-making for producing additional units.
Marginal Revenue
The extra revenue earned by selling an additional unit of a product or service.
Price-taker Model
An economic model describing a company or entity that must accept the prevailing prices in the market of its products because it does not have the market power to change them.
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