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Due to the global economic slowdown, we were benefiting from relatively low oil prices. But because of the instability of the Middle East and the slowing of the global economy we are seeing oil prices fall. But when the global economy fully recovers, you can expect the price of gas to keep rising.
One of the key principles of economics is the law of comparative advantage. In view the President Obama's hold on the Keystone Pipeline project and our memory of the oil spill in the Gulf of Mexico a few years ago, I want you to see yourself as an economic adviser to the U.S. Congress and the president, and in your initial opinion present your advice as to what they should do or not do. Support your argument with economic principles including the concept of comparative advantage. Noteworthy is the value of the dollar on the exchange markets. Oil is bought and sold globally in U.S. dollars; so all countries must buy dollars on the exchange markets to buy oil. Effectively, the value of the dollar to another nation’s currency could make oil more expensive or less expensive for that nation depending on the exchange rate when a purchase is made.
A 500-MW power plant costs $3,700/kW to be built and the operating cost is $26.00 per MWh produced, including fuel, personnel, maintenance and other expenses. The plant will operate at an average of 85% capacity. What is the total investment to build..
Reed can work up to 5000 hours per year at $8 per hour. He does not have any non-labor income. Draw his budget constraint for leisure (L) and consumption (C). Suppose that Reed was working 3000 hours per year before the intervention. What do you thin..
Conclude by choosing a position for or against ethnicity-based jury nullification and defend your decision.
Cinemax is the only movie theater in Dannyburg. As such, it operates as a price-discriminating monopolist. Two types of customers view movies there: adults (A) and high school students (S) . Their respective demand functions are: Qa = 6400 Pa-2 Qs = ..
The U.S. Economy passed through what has now come to be known as 'The Great Recession'. The government and the Federal Reserve responded with different fiscal and monetary policies. Identify these Monetary and Fiscal policies implemented by the Feder..
what combination of coal-fired plants and gas-fired plants would minimize construction costs.
Suppose there are 3 people who can consume apples and oranges. There is a total endowment of 20 apples and 10 oranges. Individuals A and B get no oranges nor apples and C gets all of them. Is this allocation necessarily Pareto Efficient? Why or why n..
You have the utility function U(x,y) = 3x+y, the price of X is $1 and the price of Y is $2. What is the formula for the expenditure minimizing bundle? You have the utility function U(x,y) = 3x+y, the price of X is $1 and the price of Y is $2. What is..
Each of the 10 firms in a competitive market has a cost function of c=25+q^2. The market demand function is q=120-p. Determine the equilibrium price, quantity per firm and market quantity.
You are the manager of a firm that receives revenues of $60,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is ..
In January, root beer and orange soda each cost $1 a bottle. Judith's income is $20. She buys 5 root beers and 15 orange sodas. In February, the price of root beer falls to 50 cents, the price of orange soda increases to $2 and Judith's income remain..
Currently, the demand equation for baseball bats is Q = 300 - 5P. The current price is $15 per bat. Is this the best price to charge in order to maximize revenues? If not, indicate what price you should charge and quantity that you should produce in ..
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