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Assume that Saudi Arabia lets other members of OPEC sell all the oil they wish at the existing price which udis set and other members accept. The daily world demand for OPEC oil is given by:
P =88 -2Q
where P is the price per barrel of oil and Q the total quantity of OPEC oil (in millions of barrels per day). The supply function for other members of OPEC who behave like a â??competitive fringeâ? is given by:
Qr = .6P
The Saudis cost of production of oil is given by:
TCs =15Qs+20
where Qs is the daily output of oil produced by the Saudis.
Calculate the price that Saudi Arabia will set to maximize its own profit. Also calculate the optimal output and profit of the Saudis. Determine the output produced by other members of the OPEC as well as the total market output.
The following production function are given and solve this problem using an spreadsheet approach and then do the problem using the optimization procedure
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
The organization and coordination of the activities of a business in order to achieve defined objectives.
The American Baker's Association reports that yearly sales of bakery goods last year rose 15%, driven by a 50% increase in the demand for bran muffins
Describe critically growth maximisation model of morris - Grade Level : Post Graduate Level
How could you assess which of the top 3-companies in an industry was best managed from a financial standpoint?
In Chicago 120 people are wants to work as cashiers if the wage is $6 a hour. For each $1 that the wage rises above $6 an additional 40 people are wants to work as cashiers.
The table below demonstrate the demand for Fidgets over an eight month period. Calculate a four-period moving average forecast for September.
Suppose your employer sends you on a reconnaissance mission to Roswell, New Mexico. Your CEO wants to relocate company's customer service operation to Roswell,
During the last ten-years, sales revenue has increased from 25 million to 65 million. Estimate the company's growth rate in sales using the constant growth model with annual compounding.
Estimate the coefficients of the demand model for the data given above. Provide an economic interpretation for each of the coefficients in the estimated demand equation you have compuated.
A portfolio manager is being evaluated based on the time-weighted average rate of return. If the manager had achieved annual returns for the past three years of 2.5 percent, 14.5 percent and 9 percent on one initial investment of $500,000,
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