What is the effect of OPEC on non-OPEC producers

The map below shows the sizes of the oil reserves held by the OPEC member nations (Selected are member nations: Algeria, Angola, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela) Press the play button in the lower left hand corner to see how these reserves change with time (watch Venezuela specifically): 1. Briefly explain the content of the article. 2. What is a cartel as explained in this article. 3. Is OPEC efficient as a cartel structure? Why? 4. What is the effect of OPEC on non-OPEC producers. Q2). A firm has the following short-run inverse demand and cost schedules for a particular product P = 45 – Q TC = 500 + 5 Q A). At what price should the firm sell its product? B). If this is a monopolistically competitive firm, what do you think would happen as the firm moves toward the long run? Solve for Q. (Remember in the Long Run P = AC) C) If this is a perfectly competitive firm, what is the price the firm would charge? (remember for perfect competitive P = MC). Q3). There are only two firms in a given industry. The total demand for their product is Q = 30 – 2 P The two firms have identical cost functions TC = 3 + 10 Q The two firms agree to collude and act as though the industry is a monopoly. At what price and quantity will this cartel maximize its profit. Q4). A company has estimated its demand function and total cost function to be as follows: Q = 25 – 0.05 P TC = 780 + 200 Q Answer the following questions by solving the equations: What will be the price and quantity if this company wants to: A). Maximize profits. B). Maximize revenue (i.e., MR =0). Q5. You are a theater owner fortunate to book a summer box office hit into your single theater. You are now planning the length of its run. Your share of the film’s projected box office is R = 10 W -0.25 (W)^2, where R is in thousands of dollars and W is the number of weeks that the movie runs. The average operating cost of your theater is AC =MC = $5 thousand per week. a. To maximize your profit, how many weeks should the movie run? What is your profit? b. You realize that your typical movie makes an average operating profit of $1.5 thousand per week. How does this fact affect your decision in part a above if at all?

The post What is the effect of OPEC on non-OPEC producers appeared first on My Assignment Online.

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose HelpHub


Quality Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.


Qualified Writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.


Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account.


On Time Delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. We will always strive to deliver on time.


Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.


24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Help Hub

Place your order

Fill in the order form and provide all details of your assignment.

Help Hub

Proceed with the payment

Choose the payment system that suits you most.

Help Hub

Receive the final file

Once your paper is ready, we will email it to you.

HelpHub Writing Services

No need to work on essay at night. Sleep tight, we will cover your back. We offer all kinds of essay writing services.

HelpHub HelpHub


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

HelpHub HelpHub


Admission Essays

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

HelpHub HelpHub


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

HelpHub HelpHub


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied.