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(Boundaries of the Firm) Ashland Oil buys its crude oil in the market. Larger oil refiners, such as Texaco, drill for their own crude oil. Why do some oil companies drill for their own crude oil and others buy crude oil in the market?
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- Economics of Copyright (a) What is the main economic argument against the 1998 Copyright Term Extension Act (which extended copyright terms for 20 years) being applied retroactively to existing works? Include a diagram to answer this question. (b) Using a simple numerical example, illustrate how the CTEA provides very little additional incentive for artists to create new works. For the example, consider an author who writes a novel that generates revenues of $100,000 per year while on copyright, and who lives for 30 years after publishing the novel. Recall that the formula for calculating the net present value (NPV) of a stream of annual payments equal to CP that lasts for n years is: NPV= CP * [ 1 (1/1+r)^n ] / r where r is the discount rate which you can assume is 0.05 (or 5%). Also recall that the CTEA extended copyright from life of the author plus 50 years to life of the author plus 70 years. Helpful calculations: (1/1.05)^80 = 0.02 (1/1.05)^20 = 0.38 1.05^80 49.56 ●19. (Catalogue companies are the classic example of perfectly inflexible prices because once they print and ship out their catalogues, they are committed to selling at the prices printed in their catalogues. If a catalogue company finds its inventory of sweaters rising, what does that tell you about the demand for sweaters? If the inventories are rising for sweaters we know that demand for sweaters must be increasing, falling ). This is because prices are fixed, so this implies that people are buying less of the good due to a . increase, decrease ) in demand (see Figure 6.1b). In most circumstances, this accumulation of inventories suggests that the demand for sweaters was unexpectedly, high, unexpectedly low, as expected ) since companies try to smooth out production to minimize costs. If the company could change the price of sweaters, it would (raise the price, lower the price, keep the price the same ). Given that the company cannot change the price of sweaters, consider the number…(20 points) Complete the following table: Quantity of Labor Total Output Marginal Product Average Product 1 ( 20 2 30 3 70 4 20 5
- 1.) Production, Inputs, and Cost: Building Blocks for Supply Analysis The firm can generally substitute one input for another. Whether or not it pays to substitute depends on the relative costs of labor and machinery. First, describe the alternative types of input proportions available to the firm. Then, describe the combination of inputs that represent the least costly way for the firm to produce its goods. Lastly, give one example of the firm’s substitutability from a recent news article.5. (a) Assume that two firms A and B are in different industries (like computer software and computer hardware). What impact will a merger between these two firms have on the number of firms in each industry after the merger? Please give an explanation. (b) Current automobile companies are facing a shortage of computers chips used in cars to run various parts of the car, and therefore supply of cars has decreased since a necessary part(s) is not available. If an auto company like General Motors (GM) decided to buy a chip manufacturing company to ensure that it did not face a chip shortage in the future, would such a purchase lead to more concentration in either the auto industry or the chip-manufacturing industry? Please give an explanationexplanation.This is the question EXACTLY as my instructor has proposed it: US coal mining surges in 2017 following last year's record decline Associated Press, June 26, 2017 The United States, China, and India, the world’s largest coal users, have increased coal mining this year by 6 percent following 2016’s record global decline. Among the three countries, production through May is up by at least 121 million tons compared to the same period last year, according to data reviewed by The Associated Press. Despite the increase in production, international coal prices remained stable according to the U.S. Department of Energy. The reasons for this year's turnaround include prospects for policy shifts in the major producing countries and a push by China and India to use coal to provide electricity to more of it's poor, industry experts said. (A) (i) Below, depict the coal market correctly labeling both axes and placing the “2016” on the supply curve and the demand curve; (ii) depict the equilibrium…
- 82. Superior Metals Company has seen its sales volume decline over the last few years as the result of fising foreign imports. In order to increase sales and hopefully, profits), the firm is considering a price reduction on uranium-a metal that it produces and sells. The firm currently sells 60.000 pounds of uranium a year at an average price of $10 per pound. Fixed costs of producing uranium are $250,000. Current variable costs per pound are $5. The firm has determined that the variable cost per pound could be reduced by $.50 if production volume could be increased by 10 percent (fixed costs would remain constant). The firm' marketing department has estimated the arc elasticity of demand for uranium to be - 1.5. (a) How much would Superior Metals have to reduce the price of uranium in order to achieve a 10 percent increase in the quantity sold? (b) What would the firm's (i) total revenue, (ii) total cost, and (ii) total profit be before and after the price cut? 8 - 600009. (Industrial Unions) Review the logic underlying the exhibit below. Then determine the effect, on the industry and a typical firm, of an increase in the demand for industry output. Show your conclusions on a graph. Does the mag- nitude of the increase in demand make a difference?
