Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Suppose that, over the short run (say, the next five years), demand for OPEC oil is given by Q = 57.5 - .5P or, equivalently, P = 115 - 2Q. (Here Q is measured in millions of barrels per day.) OPEC's marginal cost per barrel is $15.
a. What is OPEC's optimal level of production? What is the prevailing price of oil at this level?
b. Many experts contend that maximizing short-run profit is counterproductive for OPEC in the long run because high prices induce buyers to conserve energy and seek supplies elsewhere. Suppose the demand curve just described will remain unchanged only if oil prices stabilize at $50 per barrel or below. If oil price exceeds this threshold, long-run demand (over a second five-year period) will be curtailed to Q = 42 - .4P (or P = 105 - 2.5Q). OPEC seeks to maximize its total profit over the next decade. What is its optimal output and price policy? (Assume all values are present values.)
Suppose the demand for apartment rentals in Los Angeles is Q = 1000 - P and the supply of apartment rentals is Q = 4P. What is the equilibrium price and quantity of apartment rentals in LA? Suppose the government imposes a price ceiling of $150. What..
The total variable cost of unit 3 is $165.00 while that of unit 6 is $522.50;The average total cost of unit 5 is $99.00, while the average variable cost of unit 4 is $55.00; The total cost of unit 1 is $247.50 while the total cost of unit 2 is $308.0..
A study reported that a 10% increase in the price of cigarettes would reduce consumption by 4% in the short-run and by 7.5% in the long-run. Based on these estimates, what happens to the price elasticity of demand for cigarettes as more time elapses ..
A microbrewery was built in 2004 at a total cost of $650,000. Additional information is given in the accompanying table (all 2000 indices=100). (3.3) Average Percentage of Index Cost Element Total Brewery Cost (2004) (2008)
An end-of-aisle price promotion changes the price of elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system
Maria is training for a triathlon, a timed race that combines swimming, running and biking. Because her pool sessions are helping her swim more quickly, Maria plans to reduce by one hour per week the time she spends training on the bike and increase ..
a identify three economic variables that create differences in market interest rates on assets andor liabilities. b for
What are the values of the intercepts for the horizontal and vertical axis and What is the slope of this equation - What is the slope of this equation
Respond to the following questions: •You have just been hired by a company as an economist and strategic planner. Your company has asked you to generate a report explaining the consequences of the market structure in which the company operates. Assum..
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
differences between microeconomics and macroeconomics?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd