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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.
Using the Library, the Internet, and your course materials, find websites that offer this information and answer the following questions (Perloff, 2004).
Describe the difference between a monopoly and an oligopoly,and a cartel.Provide an example of a monopoly, an oligopoly, and a cartel.Discuss the welfare effects of monopolies and oligopolies.Explain the game theory.Using your own words, discuss the economic purpose of OPEC. What has happened to oil prices over the past five years?Based on your answers to the above questions, synthesize the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year.Summarize your research findings in 2 to 4 pages.
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
The President of US is suggesting increased spending for a missile defense system and also proposing a major long term tax cut. Provide some predictions of possible outcomes for the federal budget categories,
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Formerly, market for air travel in Europe was highly regulated. Entry of new airlines was severely restricted, and air fares were set by regulation.
General Electric has frequently placed managers together to work on teams. Often the work project is only for a short period of time.
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
Dsecribe a complete business cycle (trough, peak, expansion, recession), focusing on what happens to output, investment, employment in each phase.
For each of the following events, indicate whether the AD or the AS curve shifts. In brief describe the reasoning behind your choice.
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
Are you in favor of either deficit spending on the part of government or one of a balanced federal budget and budget surpluses?
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
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