Imagine That You Are Conducting a Mark-Recapture Survey of Common

question 3

Essay

Imagine that you are conducting a mark-recapture survey of common pill bugs (Armadillidium vulgare), a terrestrial isopod, in a field. Unbeknownst to you, the majority of the pill bugs molt between marking and recapturing. How does this affect your estimate of the population size? How could you have foreseen this? How could you prevent this in the future?

Recognize the role and impact of patent trolls on innovation and market dynamics.

Understand the various methods of financing R&D and the associated costs.

Analyze the effects of technological advancements on market competition and monopoly power.

Understand the relationship between technological advancements and increased revenue through new product demand.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another if the latter has reasonably relied on that promise to their detriment.

Reasonable Reliance

A principle where a party acts based on the representation or promise of another, believing it to be true.

Bilateral Contract

An agreement involving two parties where each promises to perform an act in exchange for the other's act.

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party, which upon performance, binds the first party to its promise.