In Problem 6, the Demand Function for Schrecklichs Is 200

question 4

Multiple Choice

In Problem 6, the demand function for Schrecklichs is 200 - 4P_S - 2P_L and the demand function for LaMerdes is 200 - 3P_L - P_S, where P_S and P_L are respectively the price of Schrecklichs and LaMerdes. If the world supply of Schrecklichs is 140 and the world supply of LaMerdes is 180, then the equilibrium price of Schrecklichs is

• A) $15.
• B) $14.
• C) $2.
• D) $16.
• E) $28.

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Definitions:

Transgenic Organism

An organism that has been genetically modified to contain DNA from another species, allowing it to express traits not originally found in its genome.

Background Extinction

The natural rate at which species become extinct as part of earth's biological history, without human influence.

Genetic Diversity

The total number of genetic characteristics in the genetic makeup of a species, crucial for adaptation and survival amidst environmental changes.

Survival Fittest

A concept from evolutionary theory referring to the survival and reproduction of organisms that are best adapted to their environment.