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The New York Times (Nov 30, 1993) reported that 'the inability of OPEC to agree last week to cut production has sent the oil market into turmoil...[leading to] the lowest price for domestic crude oil since June 1990.'
a) Why were the members of OPEC trying to agree to cut production?
b) Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
c) The newspaper also noted OPEC's view 'that producing nations outside the organization, like Norway and Britain, should do their share and cut production.' What does the phrase 'do their share' suggest about OPEC's desired relationship with Norway and Britain?
Define the term Consumer surplus, Gi en good and Income elasticity of demand using graph and equation.
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Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
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