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Suppose you have three producers of oil A, B, and C, with extractions costs of $8, $10, and $12 per barrel of oil. Assume there are no user costs. Assume that each well can produce 100 barrels of oil per day. (numerical answers)
a) How much oil will be produced if the market price of oil is $9 per barrel?
b) How much oil will be produced if the market price of oil is $10 per barrel?
c) How much oil will be produced if the market price of oil is $11 per barrel?
d) At a price of $11 per barrel, how much total rent is collected by well A?
Suppose that a golf club is designing a two-part tariff pricing mechanism in order toincrease profits. Suppose there are two types of golfers, mad-golfers and normal-golfers
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The president of the United States announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what happen to interest rates if the public believes him.
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