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According to Oil & Gas Journal, the proven oil reserves of the top 12 oil producers was 1137 billion barrels of oil in 2007. In that year, the U.S. Energy Information Administration reported that the daily oil production from these nations was 48.2 million barrels a day.
At this rate, how many years will the proven oil reserves of the top 12 oil producers last?
If the velocity of circulation is growing at one percent a year, the real interest rate is two percent a year, the nominal interest rate is seven percent a year, and the growth rate of real GDP is three percent a year
US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the Absolute Absolute Cost in US Cost in Canada Wheat $5 C$8 Mining $10 C$12 c..
A local widgets firm hires you to analyze their cost structure. The firm's industry is nearly perfectly competitive in all requisite characteristics. The company has given you the short run cost functions from existing data: TC=800 +60Q-4.5Q^2+.15Q..
Each subsequent year, this cost is expected to increase by $100. How much would you need to set aside when you bought a new car to pay all future maintenance cost if you planned to keep the vehicle for 7 years? Assume interest is 5% pear.
Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel. How are the laws of supply and demand illustrated in this graph Explain your answers. What is the equilibrium price and quantity in this market As..
After the firm's patent expires, predict the new market output and price. (Assume that competing suppliers have the same economic costs as the original producer.) Compute the resulting change in consumer surplus.
The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot
A car rental company has determined that the probability a car will need service work in any given month is 0.2. The company has 900 cars. a. What is the probability that more than 200 cars will require service work in a particular month.
compute the standard error of estimate and the standard error of the coefficient for the following data set: X = 95, 85, 80, 70, 60 and Y = 85, 95, 70, 65, 70. Lastly, set up and perform the hypothesis test to determine if a student's aptitude sco..
The economy is in a recession. The government enacts a policy to increase spending by $2 billion. The MPS is .2. What would be the full increase in real GDP from the change in government spending assuming the increase
Jeff holds $50,000 wealth which has a utility of 7.07 utils (assuming utility is the square root of wealth in thousand dollars). He considers investing this in a gamble which has a 0.6 probability of increasing his total wealth to $100,000 and 0.4..
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
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