Suppose you have three producers of oil a b and c with, Ask an Expert

Economics

Suppose you have three producers of oil A, B, and C, with extractions costs of $8, $10, and $12 per barrel of oil. Assume there are no user costs. Assume that each well can produce 100 barrels of oil per day. (numerical answers)

a) How much oil will be produced if the market price of oil is $9 per barrel?

b) How much oil will be produced if the market price of oil is $10 per barrel?

c) How much oil will be produced if the market price of oil is $11 per barrel?

d) At a price of $11 per barrel, how much total rent is collected by well A?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707309

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