Homework 3 B. Dominant firm model questions Assume a market of a crude oil market. The world demand and the supply equations for OPEC (Price leader) and shale (follower) oil producers are as shown below: Qworiao- 150 - 3P, MCOPEC =5+0.4Q5OPEC MCSHALE = 30 + Q5SHALE 1. Find the market price 2. Find the profit of OPEC and profit of Shale oil producers
Homework 3 B. Dominant firm model questions Assume a market of a crude oil market. The world demand and the supply equations for OPEC (Price leader) and shale (follower) oil producers are as shown below: Qworiao- 150 - 3P, MCOPEC =5+0.4Q5OPEC MCSHALE = 30 + Q5SHALE 1. Find the market price 2. Find the profit of OPEC and profit of Shale oil producers
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter26: Factor Markets: With Emphasis On The Labor Market
Section: Chapter Questions
Problem 13QP
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