For Each of the Following Situations in the Australian Crocodile

question 195

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.the 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

---

Definitions:

High-Context Culture

A cultural orientation where communication is largely implicit, meaning is derived from context, gestures, and expressions rather than explicit words.

Explicit Statements

Information expressed in a clear and detailed manner, leaving no room for confusion or interpretation.

Ethical Dilemma

A situation where a person must choose between options that are or seem to be equally morally correct or incorrect.

Industrial Espionage

The act of illegally obtaining trade secrets or confidential information about a company's competitors for competitive advantage.