Micro economics homework Assignment Example | Topics and Well Written Essays - 500 words - 1

Micro economics homework - Assignment Example es like Iceland, Japan, and Norway may end-up continuously and excessively kill endangered species like the humpback and the fin whales either for scientific research and/or commercial purposes (McCurry; Sea Shepherd Conservation Society b, c). The farmers can easily breed chicken but not whales. During the breeding period, the farmers can just put a rooster and hens inside a cage for several days and allow the hens to sit on their eggs while on the nests (Lyons, Collier and Silvy). After a short span of more than 21 days, the farmers can already expect the eggs to hatch (Loch, de Oliveira and de Silva). Even though the birth of twins is possible, Day revealed that â€Å"most females will only give birth to one calf at a time† as compared to multiple eggs in the case of the chicken. Furthermore, it usually takes a longer period of time (between 11 to 17 months) before a female whale can give birth (Day). This explains why the farmers can easily increase the supply of chicken but not the supply of whales. Earlier, it was mentioned that most whales are killed either for scientific research and/or commercial purposes. Considering the differences between the breeding period requirements of chicken and whale, a significant increase in demand for whales would definitely mean an increased risk of endangering the whale species. The Sea Shepherd’s attempt to cut short of Nisshin Maru’s whaling season does not always lead to lower revenue on the part of the whaling company not unless there is a strict government intervention with regards to its selling price. To be able to clearly understand this argument, one has to be clear that a whale is not a homogenous product wherein the buyers could easily find an alternative product (Tewari and Singh 165). Since whales are considered as heterogeneous or differentiated products, the whaling company has the advantage to dictate the market prices of whale products. Based on a simple micro-economic explanation, it is the supply