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Q1. You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.
Q2. 1. Differentiate among a monopoly and an oligopoly, and a cartel.
2. Also illustrate an example of a monopoly, an oligopoly, and a cartel.
3. Confer about the welfare effects of monopolies and oligopolies.
4. Explain how does game theory interacts with firms in oligopolies and cartels?
5. In your own words, illustrate the economic purpose of OPEC. What occurred to oil prices in last 5 years?
6. Amalgamate the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year Based on your answers to the above questions.
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output.
The annual operating and maintenance expenses are estimated to be $1,000. If Convington's MARR is 15%, how many years will it take before this machine becomes profitable.
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
The price elasticity of demand for Royal Crown Cola is equal to the price elasticity of demand for soft drinks in general It is invalid to make inter product elasticity comparison
Brenda Johnson has used a preprinted form that she got from the internet to create her will.
One of the three ADM executives was actually an informant who tipped off the Feds about this conspiracy. Which executive was he. Why did he rat out his co-workers.
Consumers buy from the lowest price firm, and the highest price firm sells nothing. If the firms pick the same price, they split the market demand equally.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP
On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales"
Make sure to make available examples of real world to strengthen your position of wherever this might be case
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