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The world willingness to pay for oil is given by P = 200 - Q, with P in dollars per barrel and Q in thousands of barrels per month, and OPEC is planning its strategy to set the world oil price. The competitive fringe of small firms takes the price OPEC sets as given. The fringe marginal cost curve is MC = 40 + Q, and OPEC's marginal cost of producing oil is constant at $20/barrel.
(a) What is the residual demand that OPEC faces after accounting for supply by the competitive fringe?
(b) How much oil will OPEC supply, acting as a cartel?
(c) What is the resulting world oil price?
(d) How much oil is supplied by the competitive fringe?
What is the relative income hypothesis? Evaluate this statement: “Once income exceeds the subsistence level, individual perceptions of the adequacy of their economic performance depend almost solely on relative as opposed to absolute position.”
Cournot Revisited: Consider the Cournot duopoly model in which two firms
An econometrician has calculated that when a firm minimizes its total cost of producing output Q, it uses the following amounts of the inputs, L and K: These are the least cost combinations of L and K. The market wage and rental rates are given by w ..
"The Labor Market and Minimum Wage" Please respond to the following: Review the e-Activity, and examine two arguments one for and one against raising the minimum wage. Based on your choices describe whether the minimum wage must be raised or not.
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Calculate the profit for that level of output, as well as the level of output immediately above and below it and what level of output will this firm operate at in order to maximize its revenues or minimize its losses?
suppose a firm has two factories with marginal costs given byfactory 1 mc1 20qfactory 2 mc2 40qthe firm faces a
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
What is the effect of this raw material price increase on the demand for roasted coffee?
choose and research an industry where there has been a pattern of change in a particular market model monopoly
“The Federal Reserve System is structured in such a way as to insulate monetary policy from the political pressures characteristic of the rest of our political system of representative democracy.” Do you agree or disagree with this quote? Explain you..
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