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Q1. 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.
Q2. 1. Differentiate among a monopoly and an oligopoly, and a cartel.
2. Also illustrate an example of a monopoly, an oligopoly, and a cartel.
3. Confer about the welfare effects of monopolies and oligopolies.
4. Explain how does game theory interacts with firms in oligopolies and cartels?
5. In your own words, illustrate the economic purpose of OPEC. What occurred to oil prices in last 5 years?
6. Amalgamate the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year Based on your answers to the above questions.
Willie will receive all his operating expenses, and in addition will receive $2,000 each year for the decline in value of the automobile.
Shadow Bank 411 buys $3 million more securities in the market and "pays" for them with its account at Bank 411. Bank 411 borrows $3 million more as a first response.
The licorice industry is competitive. Each firm produes 2 million strings of licorice every year. Total cost of strings have an average.
Suppose that the US government determines that cigarette smoking creates social cost not reflected in the current market price an equilibrium quantity of cigarettes.
Which of these same curve would shift as a result of the per-burger tax. Curves average fixed cost,marginal cost would shift as a result.
The largest loan that the bank can make on the basis of the new deposit. If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit.
Identify one positive or negative supply shock in the last decade and what is the impact that the shock has had in our economy.
To what extent does educational planning in the policy decision ought to be guided by economic considerations
Economic surplus could be increased at a higher price because firms would generate more revenue.
Consider a mutual fund with $720 million in assets at the start of the year and with 10 million shares outstanding.
Mining is proposed for a wilderness area that provides two benefits: recreation due to backpacking opportunities and biodiversity there are endangered wildlife and plants.
Free zone would happen if the central bank lowered the federal funds rate and buy securities on the open market.
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