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It has just been announced that large deposits of oil have been discovered in Chile. It will take five years for production to begin, but after that time Chile will become the world's largest oil producer by a large margin.
a. How and why does this announcement affect the world supply curve for oil in the period before Chile's production comes online?
b. How and why does this announcement affect the world demand curve for oil in the period before Chile's production comes online?
c. Based on your answers to parts a and b, what can you say about what will happen to the world price and quantity of oil consumed in the period before Chile's production comes online?
Why does the assumption of independence of risks matter in the examples of insurance.
If Amy spent her entire allowance, she could just afford 8 candy bars and 8 comic books a week. She could also just afford 10 candy bars and 4 comic books. The price of a candy bar is 50 cents. Illustrate her budget line with a diagram (be sure to la..
REAL WAGES AND PRODUCTIVITY—ARE WORKERS' PAYCHECKS KEEPING UP? Over the long run, real wages grow at about the same pace as labor productivity. Select Productivity: Output Per Hour - Non-farm Business Productivity to find current information on perce..
A flood control project with a life of 16 years will require an investment of $63,971 and annual maintenance costs of $5,000. The project will provide no benefits for the first two years but will save $24,000 per year in flood damage starting in the ..
Suppose that James and bob live on the same street. In the winter both of them like the show on their street to be plowed. Bobs demand is given by Q=40-p and James demand ha given by Q=30-2p. Suppose that the marginal cost of plowing the snow is cons..
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Elucidate how many of the variable input should the firm utilize to maximize profits? Please verify. Note which in order to do this you want to utilize costs.
Zack quits his job at a consulting firm, which pays $40,000 a year, to enroll in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-y..
q.calculate maxs marginal utility from windsurfing at each number of hours per day. does maxs marginal utility from
A nation in recession reduces the both the personal and business marginal tax rates. What is the likely short-term effect on government deficit (or surplus), aggregate supply, aggregate demand, and GDP price index?
?If, in a? (two-tail) hypothesis? test, the? p-value is 0.1219?, what is your statistical decision if you test the null hypothesis at the 0.08 level of? significance? Choose the correct answer? below?
Opportunity cost is defined:
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