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Q. 1. Use the data in the preceding problem to answer the subsequent questions. Currently supposethat the United States allows no oil imports.
a. What are equilibrium quantity and price for oil in the United States?
b. If the United States imposed a price ceiling of $74 per barrel on the oil market andbanned imports would there be an excess supply or an excess demand for oil.If so, how much?
c. Under the cost ceiling also quantity supplied and quantity demanded differs. Illustrate which among the 2 will determine how much oil is purchased? Briefly explain
2. On April 20, 2010 an oil-drilling platform owned by British Petroleum exploded in the Gulf of Mexico causing oil to leak into the gulf at estimates of 1.5 to 2.5 million gallons per day from well over two months. Due to the oil waters which has devastated the commercial fishing industry in the area. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.
Compute the resulting utility if the population were on million higher and one million lower than the optimum.
Compute the equilibrium quantity and price and Calculate the consumer and producer surplus.
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
Elucidate the common kinked-demand model. In the oligopolist's marginal-revenue curve, elucidate the reason for gap. In this model explain how does price rigidity in oligopoly.
How big would that budget have to be before he would spend a dollar buying a first cup of coffee.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.
Insurance agents receive a commission on the policies they sell.
Illustrate that the tax be acceptable in spite of the deadweight loss. What tax revenue will be generated.
Social responsibility other than to make as much money for their stockholders as possible. Explain why you agree or disagree with such a statement.
How much equity would she have had in the house at the time of its sale.
Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier.
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