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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.
In most restaurants, waiters receive a big portion of their compensation through tips from customers. Generally, the size of the tip is decided by the customer. However, many restaurants require a 15 percent tip for parties of eight or more.
The article study for the demand, supply and the market equilibrium has been discussed. The article that has been review was published on August 2012.
Prepare the sketch the Fourier transform of a rectangular pulse of amplitude 10 V and width 0.1 second that is centered on the zero time axis. Determine the autocorrelation function of a rectangular pulse.
Determine the official measure of the deficit
Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.
Given the data, please construct the demand estimation for soft drink consumption in the United States by a multiple-linear regression equation, and a log-linear (exponential) regression equation.
Draw the firm's average and marginal cost curves on the following diagram and the information in the following table relates to a firm's average and marginal costs of operating each of three plants (X, Y and Z). Each plant has a U-shaped average c..
At several universities and colleges, business professors receive higher salaries than professors in others fields. Why might this be the case?
David Ding advertises on a local radio station. For last 6-weeks, the manager has kept records of the number of minutes of advertising that were bought, and the sales for that week.
Dominant price leadership exists when one company drives others out of the market. The dominant company decides how much each of its competitors can sell.
Suppose a company that uses two inputs. The quantity used of input 1 is denoted by x_1 and the quantity used of input 2 is denoted through x_2.
Make some research on a topic known to economists as 'friction-free' or 'low-friction' economy. Early writers on this topic foresaw many of the seismic shifts that have occurred in the market place over last one to 2-decades.
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