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how the marginal revenue product (marginal value) curve was created theoretically

NR568 – Module 5 Homework

  1. Below, is the production function for acres protected. Explain, in your own words, why the production of acres protected increases at a decreasing rate with increasing application of FME (do not simply say what it means to increase at a decreasing rate, but explain, intuitively, why this happens).
  1. Explain, in your own words, how the curve of the graph below was created theoretically.
  1. Use the diagram below to answer the following questions:
  2. a) Explain, in your own words, how the marginal revenue product (marginal value) curve was created theoretically. Also, how does the MRP relate to the NVC function? What is the NVC function? What is the derived demand?
  1. Why is the marginal value of FME very high at the beginning of the curve? Why does it gradually diminish? Why does it eventually flatten out?
  1. Use the diagram below to answer the following questions:
  1. What is FRCC? Generally, what is the difference between FRCC I and FRCC III? Why does FRCC I require more fire management effort than FRCC III? You should not have to do further research to answer this question. This question is intended to be that you can answer it based on the reading and using your own intuition.
  1. b) In the left panel, why does FRCC increase (go from I to III) as time increases (from right to left)?
  1. In the diagram below, why is it that as FME increases, FRCC goes from III to I? Remember that this has to do with marginal value. What does the potential to add value to the ecosystem by applying FME depend on?
  1. Use the graph below to answer the following questions. Also, be sure to expand on the ideas brought up from the reading (i.e. do not merely copy the answers from the reading). You will be deducted points if you do not give in-depth explanations as to the intuition behind the reasons given in the reading.
  2. What does it mean for the marginal cost line to be horizontal?
  1. Why do we use a higher marginal cost for restoration than for maintenance?
  1. In general, how do we determine the optimal level of restoration?
  1. Why does the maintenance condition get to a higher level of restoration? finance assignment and homework assistance.
  1. Explain how the derived demand for FME, shown in the graph below, in general is obtained.
  1. The diagram below is the same as that above, but with marginal cost included. How are the optimal levels of marginal value of the fire program (MV*) and fire management effort (FME*) determined? How would the optimal level of protection and the optimal level of restoration be determined?
  1. Suppose fire fighter and management wages decreased. Explain in words and using a graph how this will affect the optimal levels of FME, MV, R, and P. Which curve shifted and why? Did each optimal level increase or decrease? The graph should have Value of FME ($) on y-axis and FME on x-axis, demand curve for Protection, demand curve for Restoration, demand curve for both (D), marginal cost curve (MC), the initial optimal levels (FME*, MV*, R*, P*), the new curve labeled, and the new optimal levels (FME’, MV’, R’, P’).
  2. how the marginal revenue product (marginal value) curve was created theoretically

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