Reference no: EM13242772
A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds
is constant at $1,000 per diamond, and the demand for diamonds is described by the following
schedule:
Price Quantity
$8,000 5,000 diamonds
7,000 6,000
6,000 7,000
5,000 8,000
4,000 9,000
3,000 10,000
2,000 11,000
1,000 12,000
a. If there were many suppliers of diamonds, what would be the price and quantity?
b. If there were only one supplier of diamonds, what would be the price and quantity?
c. If Russia and South Africa formed a cartel, what would be the price and quantity? If the countries split the market evenly, what would be South Africa's production and profit? What would happen to South Africa's profit if it increased its production by 1,000 while Russia stuck to the cartel agreement? d. Use your answers to part (c) to explain why cartel agreements are often not successful.
|
What is the pulling force supplied by the snowmobile
: A snow mibile is pulling a large sled across a snow-covered field. The weight of the sled is 3560 N. If the coefficient of friction of the sled is 0.12,
|
|
Which contract offers the greater expected profit
: If it contracts with a private firm; its profit would be $2 million, $0.7 million, or -$0.5 million with probabilities 0.25, 0.41, and 0.34, respectively. If it contracts with the government, its profit will be $4 million or -$2.5 million with rece..
|
|
Compute the number of moles in fructose
: Calculate the number of moles in each of the following: a) 85.2 g of Ni, b) 144 g of K, c) 6.4 g of H2O, d) 308 g of BaSO4, e) 252.8 g of fructose C6H12O6
|
|
Describe what politics was like in colonial america
: Describe what politics was like in colonial America. Discuss such items as the structure of colonial government, taxation, local forms of government, and who could vote, and why that group to the exclusion of everyone else.
|
|
Explain why cartel agreements are often not successful
: A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000 per diamond, and the demand for diamonds is described
|
|
What is the work done on the electron by the field
: A series of equipotential lines are shown right. Points A- D are shown, An electron travels from A to B, and then to C, and then to D. What is the work done on the electron by the field, as measured in eV
|
|
Americans made substantial gains in asserting freedoms
: During the 1960s, African Americans made substantial gains in asserting their freedoms and rights. Discuss how the civil rights movement produced significant social change not only for African Americans, but also for Native Americans, Latinos and wom..
|
|
Explain what is the mass in grams mol of each c3h6o3
: what is the mass in grams in 2.28 mol of each of the following: a) N2, b)SO3, c)C3H6O3, d)Mg(HCO3)2, e)SF6. Please use significant figures.
|
|
Compute the maximum electrical work generated
: A particular voltaic cell operates on the reaction below, giving an emf of 0.865 V. Calculate the maximum electrical work generated when 20.0 g of zinc metal is consumed. Zn(s) + CI2(g) ? Zn2+(aq) + 2 Cl ?(aq)
|