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Question 1: Assuming there are no banks (i.e. that the interest rate is zero) How much oil would the supplier produce each period so that his combined returns for both periods is maximized? Hoe much scarcity rent does the producer make on the last barrel sold in each period? How would the producer define his user costs and total marginal costs for each period?
Question 2: Suppose that the total marginal cost of producing a barrel of oil is $10 in the first year and increases by $1 in each following year. If the price of oil stays at $20 per barrel, for how many years will oil be produced? If the price of oil drops to $18 per barrel, what will happen to the quantity of oil produced in each period?
In the long run, there will be no unexploited scale economies (excess capacity) in
In a bilateral monopoly, like that of a players'union and major sports league, what factor determines the final price and quantity of labor? Why
The Southern Nevada Water Authority (SNWA) supplies water to Las Vegas. Its cost function for water supply is given by C = 10Q + 8Q2.
If a project is poorly designed and constructed, will a well-planned and well-executed implementation effort help the project to succeed? Will a well-designed and well-constructed system overcome a poor implementation effort?
Describe a market situation in which the operating company faces economic difficulties and the need to cut costs. What cost cutting strategies might the operating company use to remain profitable? What would be the benefits and drawbacks of each?
“This company is so unfair! They obviously don’t care about their customers. They __________!” complains Cindy Consumer. (the blank could be filled in with statements like: Explain to Cindy why economists think her complaints are naïve.
A firm that makes zero economic profits
Are home video games ownership and car ownership independent? Explain.
Briefly explain why new entry of firms into the market under monopolistic competition forces the shape of the existing firms' demand curves
The labor market for NBA players is perfectly competitive. The Labor Supply curve is Q= -20+3w. The marginal expenditure curve is ME= (2Q+20)/3. The Labor Demand curve is Q=125-2w. The Marginal Curve is MR= (125-2Q)/2. Both the players and owners do ..
Keep intermediate steps to four decimals when possible, then enter your answer to four decimals.
1. in which market model would there be a unique product for which there are no close substitutes?a. monopolistic
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