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Suppose we are in a mining boom. BHP is also negotiating with suppliers of machinery, in order to build and equip mines. They estimate that every excavator they can source will mean they can earn an extra $2m in profits, up to 30 excavators. Caterpillar can produce up to 20 excavators at a marginal cost of $500k each, and Komatsu can produce up to 20 excavators at marginal cost of $800k each. How many excavators do they source from each, and what is the range of possible prices?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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