Answer Happy

This assignment is based loosely off of a paper published in the American Economic Review by M. Scott Taylor "Buffalo Hunt: International Trade and the Virtual Extinction of the North American Bison." Although based on real events. The numbers have been changed and stylized to protect the identities of those involved. In the 16th century North America contained 25-30 million buffalo and by the 19th century only few hundred remained. Most of that happened in a very short 10-year time period west of the Mississippi. Removal from east, took nearly 100 years by comparison. One of the primary reasons they were very quickly killed off was the introduction of new tanning techniques that made the hides more valuable. Let's look at this highly stylized example to see why this might be. 1 point for each question unless otherwise marked. 1. We will start by graphing the key elements of this market. Please graph marginal revenue, average revenue, and marginal cost. You will need to upload this in some format. Feel free to take a picture or scan a sheet of paper but please make sure the picture is clear. Number of Hunters Marginal Kill Marginal Revenue Total Revenue Average Revenue Marginal Cost 1 8 48 48 48 36 2 8 48 96 48 36 3 6 36 132 44 36 4 4 24 156 39 36 5 2 12 168 33.6 36 6 0 0 168 28 36 7 -2 -12 156 22.3 36