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Economics

1. The total demand (marginal benefit) curve for visiting the Great Barrier Reef is as follows: Price = 5000+100*Fish Biomass (tons per square mile) -10*Number of Trips.

a. Does the quantity of fish biomass increase or decrease the willingness to pay for an additional trip?

b. Suppose the density of fish is 2 tons per square mile. Draw the demand curve below, being sure to label the axes and the slope and intercept appropriately.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9531164

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