=+optimal price will change if non-OPEC supply becomes more expensive because reserves of oil start running out.

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Microeconomics

ISBN: 9781292081977

8th Global Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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Question Posted: Oct 25, 2024 07:00 AM

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=+optimal price will change if non-OPEC supply becomes more expensive because reserves of oil start running out.
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=+approximation, assume OPECs production cost is zero. Indicate OPECs optimal price, OPECs optimal production, and non-OPEC production on the diagram. Now, show on the diagram how the various curves...
=+b. Calculate OPECs optimal (profit-maximizing) price. (Hint: Because OPECs cost is zero, just write the expression for OPEC revenue and find the price that maximizes it.)
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=+optimal price will change if non-OPEC supply becomes more expensive because reserves of oil start running out.

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Microeconomics

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