Biological model, Public Economics

Assignment Help:

Biological Model

The most commonly used model of biological population is based on logistic growth model in which population is assumed to grow as a 'logistic curve' over time. In this model,  the population grows rapidly  in the early  stages as the abundance  of  food is more and  then the growth  rate slows down  and  then approaches asymptotically a level which is equal to its carrying capacity.

220_Biological Model.png

Diagram: Logistic Growth Curve

Observe that when plotted on graph the logistics curve is 'S' shaped and is given By

503_Biological Model 2.png

Where Nt is the number of organisms at a point of time t,

K is the carrying capacity, and

'r'  is maximum intrinsic per capita growth rate of population.

As the curve shows, the population initially increases at an  increasing rate and reaches a point at which the growth is maximum and after that, the growth is at a decreasing rate and then finally the growth stops when the population reaches the limit known as 'carrying capacity'. This indicates a limit of the stock, which is supported by a given habitat. By taking logarithm on both sides and differentiating, we obtain the growth rate.

By taking the logarithm of the logistic curve we obtain,

Equation 1

1110_Biological Model 3.png

By differentiating the above we obtain

Equation 2

1021_Biological Model 4.png

 

Here Nt is instantaneous rate of change of stock. When N approaches K, i.e., the carrying capacity, the effective per capita increase Nt/Nt declines linearly towards zero.

Nt= F (N) - h (t) where F (N) is natural growth rate.

The problem is to determine what pattern of harvest rates over time would cause the stocks to change in such a way as to maximize the value of yield it provides.

 

 

 

 

 


Related Discussions:- Biological model

Equilibrium and corrective tax, The marginal external cost associated with ...

The marginal external cost associated with the emissions of sulfur dioxide is estimated to be $30 per pound of this chemical per year. Assume that each ton of steel produced per ye

Financial deregulation - regulations and competition policy, Consider a cas...

Consider a case, if an insurance company merges with a bank. We know that insurance company bears risk for insurers. Suppose, after merger, bank gets in some trouble for reasons ot

Why do people earn different amounts of wages, Question 1: i) Describe ...

Question 1: i) Describe the concept of circular flow of income. ii) Comment on the view that ‘GDP is the best measure to evaluate economic growth and standard of living'. iii)

Cable tax to the satellite tax, According to estimates by Goolsbee and Petr...

According to estimates by Goolsbee and Petrin (2004), the elasticity of demand for basic cable service is ?0.51, and the elasticity of demand for direct broadcast satellites is ?7.

Pareto graphs, explanation and justify the condition of pareto optimality a...

explanation and justify the condition of pareto optimality and verify the defination of contrect curve. statment; reallocation of the resources from 1 efficient point to another ef

Current system of national income accounts, Normal 0 false fa...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

at what income is the credit reduced to zero, Assume the Working Income Ta...

Assume the Working Income Tax Benefit tops up a single individual's income by 25 percent of the amount that employment earnings exceed $3000, up to a maximum payment of $950. Suppo

Discuss basic features of international policy coordination, Discuss the ba...

Discuss the basic features of international policy coordination. There may be two sources of interdependence between national economic policies, club goods and horizontal spill

Principal-agent problem and policy process, As you know, the principal-agen...

As you know, the principal-agent problem stress the effect of asymmetric information between the principal and the agents on economic outcomes, the equilibrium in a principal-agent

Introduction of performance-related pay, Question: Awards for excellent...

Question: Awards for excellent performance are increasingly employed within the public service in many countries. These will or will not have a financial value. Performance-rel

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd