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1. Given the following information about available petroleum resources, perform the tasks that follow. Demand curve: P = 260 1.5q Marginal Cost of Production: $20

1. Given the following information about available petroleum resources, perform the tasks that follow. Demand curve: P = 260 1.5q Marginal Cost of Production: $20 per barrel Total Supply Available: 120 barrels Discount Rate: 10% Time Horizon: 2 years Assume we are in a competitive market

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