Elucidate how opec would determine the price of oil

Assignment Help Macroeconomics
Reference no: EM1347905

Consider the dominant firm model and treat OPEC as the dominant firm. Elucidate how OPEC would determine the price of oil and the level of output produced by the cartel. How would OPEC's price and output be affected by new discoveries of oil that shift the supply curve of oil for non OPEC members to the right?

Reference no: EM1347905

Questions Cloud

Suppose that the air bubble is always in thermal equilibrium : A meteoroid is speeding through the atmosphere, traveling east at 21.5 km/s while descending at 19.0 km/s. What is its speed, in km/s.
Monitoring employee motivation : What is the most effective way for companies to monitor employee motivation, satisfaction, and performance?
Project risk management : Search the web for ‘project risk management' and describe at least three sites that you find
Question based on role of financial institutions : Discuss and explain possible markets those institutions, such as those in the given list, are involved with and describe interactions among them.
Elucidate how opec would determine the price of oil : Elucidate how OPEC would determine the price of oil and the level of output produced by the cartel. How would OPEC's price and output be affected by new discoveries of oil.
Program that asks for user-s age : Write a program that asks for user's age. Based on their response print "You can vote" (18 years old or older) or "You can't vote".
Group incentive plan : Group incentive plan - Explain what do members receive when incentives are based on a group incentive plan and tied to work standards for the whole team?
Determine the current, debt and return on equity ratio : Estimate your management financial performance during the last two years, using financial ratios. Determine the ratios for each year:
Developing personal budget : Supposing you would like to purchase the new car next year, develop the personal budget for yourself or a friend for this year. Make sure to comp,rise a savings plan to save enough for the down payment, taxes, license, and insurance.

Reviews

Write a Review

 

Macroeconomics Questions & Answers

  Equilibrium output in perfect competition

Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.

  Elucidate what were some changes of the demand

Elucidate what were some changes of the demand and supply fconditions that lead to the housing market bubble and collapse.

  Elucidate the effect of global economic conditions

Based on absolute advantage and comparative advantage, Elucidate the effect of global economic conditions on the choices available to that country.

  Proponents of trade liberalization which freer trade

Proponents of trade liberalization which freer trade might actually improve the quality of the environment.

  Deposit creation process using deposit multiplier

What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..

  Illustrate toms price elasticity of demand demand curve look

Illustrate Toms price elasticity of demand also what does his demand curve look like (either verbally explain the shape of the demand curve

  Price discrimination and profit maximizing prices

What is the profit-maximizing price to charge a Texan for a car wash? What is the profit-maximizing price to charge a Californian for a car wash?

  Compute the growth rate forecast utilizing the constant grow

Compute the 10-year growth rate forecast utilizing the constant growth model with annual compounding, and the constant growth model with continuous compounding for each occupation.

  As the federal reserve utilize its special powers

As the Federal Reserve utilize its special powers to buy and sell government bonds, how does buying and selling government bonds affect the supply of money in the economy.

  Explain how would you relate the hiring practices

Explain how would you relate the hiring practices of that industry or industries to fluctuations in the business cycle.

  Find out the up-to-date information needed

Create a presentation for the Board which examines the current state of the U.S. economy. Use the Library to find out the up-to-date information needed.

  Business if it was done by trade associations-certification

Business if it was done by trade associations, certifications, and professional societies.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd