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Over the last thirty years the company of Petroleum Exporting Countries has had varied success in forming and maintaining its cartel agreements. Explain how the following factors may contribute to the difficulty of forming and/or maintaining its price and output agreements.a. New oil fields are discovered and increased drilling is undertaken in the Gulf of Mexico and the North Sea by nonmembers of OPEC.b. Crude oil is a product that is differentiated by sulfur content: it costs less to refine low-sulfur crude oil into gasoline. Different OPEC countries possess oil reserves of different sulfur content.c. Cars powered by hydrogen are developed.
Assume the Kalamazoo Competition free Concrete's demand function is D=5,000-50P, its marginal cost is 40 dollar per cubic yard,
The American Baker's Association reports that yearly sales of bakery goods last year rose 15%, driven by a 50% increase in the demand for bran muffins
Mr. Smith, has fallen behind on his work, he has asked you to help to make a letter for a local business or economic project.
Suppose if the Federal Reserve were to sell bonds, what would likely happen to money supply and interest rates? Explain it carefully.
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.
Assume the external marginal cost of pollution is MCext=5Q and internal marginal cost is MCint=10Q. Further, suppose the inverse demand for the product, Q, is given by P = 90-Q.
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
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.
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
Describe critically growth maximisation model of morris - Grade Level : Post Graduate Level
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 following table demonstrate yearly sales information for Landrover, Inc., over the ten-year 1998-2008 period:
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