What would be southafricas production and profit

Assignment Help Econometrics

Reference no: EM13244576

Suppose the marginal cost of producing diamonds is a constant$1,000 per diamond
and demand 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 theprice and quantity?
b. If there were only one supplier of diamonds what would bethe price and quantity?
c. If Russia and South Africa formed a cartel what would bethe price and quantity?
If the countries split the market evenly, what would be SouthAfrica's production and profit? What would happen to South Africa's profitif it increased its production by 1,000 while Russia sticks to the cartelagreement?

Reference no: EM13244576

Questions Cloud

What is the minimum total payment the community will accept : Suppose the community has the right to clean water. The factoryowner wants to increase the level of pollution from the current 10gallons per day to the optimal level. What is the maximum totalpayment that the factory will be willing to offer

The emperor charlemagne spread christianity-saxons : The Emperor Charlemagne spread Christianity among the Saxons by

Determine the acid-dissociation constant : Aspirin (acetylsalicylic acid) is a weak monoprotic acid. To determine its acid-dissociation constant, a student dissolved 2.00 g of aspirin in 0.600 L of water and measured the ph . What was the ka value calculated by the student if the ph of the..

What is the trucks speed : Two loudspeakers emit 500Hz notes. One speaker sits on the ground. The other speaker is in the back of a pickup truck, What is the truck's speed

What would be southafricas production and profit : If the countries split the market evenly, what would be SouthAfrica's production and profit What would happen to South Africa's profitif it increased its production by 1,000 while Russia sticks to the cartelagreement

Explain what is the pressure inside the dented sealed drum : A 10-L drum of ether at 18C is open to the atmosphere (p=760 Torr) and contains 6-L of liquid. The top is sealed and the drum dented so that it now has an 8-L capacity.If the vapor pressure of the ether at 18C is 400 Torr, What is the pressure ins..

What is the cutoff frequency for the emitter : Light of a wavelength 450 nm is incident on a sodium emitter in a photoelectric effect apparatus. What is the cutoff frequency for the emitter

Philosophy and evolution of performance art : Write an essay of at least 500 words on the philosophy and evolution of Performance Art in America. How does performance art differ from other styles of 20th century art?

Explain the true rate constant for a reaction : The true rate constant for a reaction is just that, a constant( at the constant temperature). Would your calculated value for k be higher than, lower than, or equal to the real value of k if 5 wt% bleach was unknowingly substituted with 8wt% bleac..

User Account

All Pages