Number of boat makers in the long run

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Reference no: EM137621

Q. Many small boats are made of fiberglass, which is derived from crude oil. Assume the cost of oil rises:

a. Using diagrams, show what happens to the cost curves of an individual boat-making firm as well as to the market supply curve.

b. What happens to the profits of boat makers in the short run? What happens to the number of boat makers in the long run?

Reference no: EM137621

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