Given the following equations,QD.market = -2PD,market + 120MCOPEC = 0.5Qs.OPEC + 5MCshale = Qs,shale + 401- Find the critical price and quantity2- Lets say that there is an advancement in new technology that reduces the cost for both OPECand Shale oil producers,MCOPEC = 0.5Qs.OPEC + 5 – 3MCshale = Qs.shale + 40 – 3Find the new market equilibrium?3- Lets say that there is an advancement in new technology that reduces the cost for OPEC only,MCOPEC = 0.5Qs.OPEC + 5 – 2MCshale = Qs.shaie + 40Find the new market equilibrium?

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he following equations, Pomarker "-2Pamarken + 120 MCoPac = 0.5Qsorec + 5 MCsnale " Osanaie + 40 Find the critical price and quantity Letdsay that there is an advancement in new technology that reduces the cost for both OPEC and Shale oil producers, MCOPEC = 0.5Q:0Pec + 5 -3 MCsnale = Qsnase + 40 –3 e new market equilibrium? Lets say that there is an advancement in new technology that reduces the cost for OPEC only, MCorec = 0.5Q,0Pec + s - 2 MCgnale " Qsanate + 40o e new market equilbrium?

he following equations, Pomarker "-2Pamarken + 120 MCoPac = 0.5Qsorec + 5 MCsnale " Osanaie + 40 Find the critical price and quantity Letdsay that there is an advancement in new technology that reduces the cost for both OPEC and Shale oil producers, MCOPEC = 0.5Q:0Pec + 5 -3 MCsnale = Qsnase + 40 –3 e new market equilibrium? Lets say that there is an advancement in new technology that reduces the cost for OPEC only, MCorec = 0.5Q,0Pec + s - 2 MCgnale " Qsanate + 40o e new market equilbrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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