The Economic Value Of Genetic Improvements

Let us define an expected welfare function W(N), i. e., the welfare, IV, expected to be derived from conducting genetic improvements starting from a gene pool of N potential parent organisms. I will suppose that the welfare realized by consumers can be measured by the surplus they realize from the consumption of the commercial product, which is the area under the demand curve between zero and the quantity of actual consumption.2 Let inverse demand be p{q) where q is quantity consumed, and suppose that actual consumption is <71. Then consumer surplus is

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