What happens to the profits of boat makers in the short run

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Reference no: EM131165604

Many small boats are made of fiberglass, which is derived from crude oil. Suppose that the price of oil rises.

1. Using a diagram show what happens to the cost curves of an individual boat making firm and to the market supply curve.

2. 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: EM131165604

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