1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Flura [38]
3 years ago
8

Suppose that the world price of oil is $70 per barrel and that the United States can buy all the oil it wants at this price. Sup

pose also that the demand and supply schedules for oil in the United States are as follows:Price ($ Per Barrel) U.S. Quantity Demanded) U.S. Quantity Supplied68 16 470 15 672 14 874 13 1076 12 12a) Draw the supply and demand curve for the United Statesb) With free trade in oil, what price will Americans pay for their oil? What quantity will Americans buy? How much of this will be supplied by American producers? How much will be imported?

Business
1 answer:
inysia [295]3 years ago
7 0

Answer:

The supply and demand curves for the United States are shown in the graphs attached.

Explanation:

Free trade in oil implies that a country in the international oil market can import as much oil as it wants and export as much oil as it wants.

The costs of demand and the revenues obtained in each case are given below:

QD1 cost = 68 × 70 = $4,760

QS1 revenue = 16 × 70 = $1,120

QD2 cost = 470 × 70 = $32,900

QS2 revenue = 15 × 70 = $1,050

QD3 cost = 672 × 70 = $47,040

QS3 revenue = 14 × 70 = $980

QD4 cost = 874 × 70 = $61,180

QS4 revenue = 13 × 70 = $910

QD5 cost = 1076 × 70 = $75,320

QS5 revenue = 12 × 70 = $840

Find the graph attachments.

You might be interested in
A 7-year municipal bond yields 4.8%. Your marginal tax rate (including state and federal taxes) is 39.00%. What interest rate on
Vera_Pavlovna [14]

Answer:

The interest rate on corporate bond is 7.87 percent.

Explanation:

The yield on 7-year municipal bond = 4.8%

Given marginal tax rate = 39 percent  

Now calculate the interest rate on 7 year corporate bond that has equal risk.

Use the below formula. Here, yield from both type of bond is equated that is yield from corporate bond and yield from municipal bond because it is given that both gives same return after tax.

Interest rate on corporate bond × (1-tax rate) = Municipal bond yield

Interest rate on corporate bond × (1- 0.39) = 4.8\text{Interest rate on corporate bond} = \frac{4.8}{0.61} = 7.87 \  percent

8 0
3 years ago
For a risk averse person, a. the pleasure of winning $1,000 on a bet exceeds the pain of losing $1,000 on a bet. b. the pain of
kompoz [17]

Answer:

B. the pain of losing $1,000 on a bet exceeds the pleasure of winning $1,000 on a bet.

Explanation:

A risk averse person is an individual or person rather who prefers lower returns with known risk than higher returns with unknown or higher risks. In this case, the individual prioritizes preservation of capital at hand over the potential of a more than average return. In this scenario, for a risk averse individual, the pain of losing $1,000 on a bet exceeds the pleasure of winning $1,000 on a bet based on the high uncertainty attached to winning the $1000 bet.

8 0
3 years ago
The payment represents rent for the years 2022 and 2023, the period covered by the lease. Kraft Company is a cash basis taxpayer
anygoal [31]

Answer:

Don't know the answer but gl

Explanation:

just neeed to use the app for answer hope you have a good day ;]

5 0
3 years ago
Put each word in the category it goes in
iren [92.7K]

STEM is Science, Tech, Engineering, and Math

7 1
3 years ago
Read 2 more answers
The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 20X8, par
kaheart [24]

Answer:

D. $ 600,000

Explanation:

if X's withdrawals = y

Net Income = 2y

X 's share of profit = 2y ×60%

                              = 1.2 y

X's Closing capital + X's withdrawals = Opening Capital + Share of Net income

$ 140000 + y = $ 80000 + 1.2y

1.2y - y = $ 140000 - $ 80000

           = $60000

0.20y = $ 60000

        y = $ 300000

Therefore,

Net Income = 2y

                    = 2×300000

                    = $ 600000

3 0
3 years ago
Other questions:
  • In 2011 Buckeye Brewing produced 1,000 bottles of ginger ale each day. It employed 10 workers each working 8 hours a day. In 201
    14·1 answer
  • Exercise 24-3 Payback period computation; straight-line depreciation LO P1 A machine can be purchased for $140,000 and used for
    10·1 answer
  • The basic difference between a good and a service is that a good
    10·2 answers
  • Supply and demand for a product are both a linear function of price. Suppose that if a price of $8 is charged, 8 units will be d
    15·1 answer
  • Match the following definitions to your vocabulary words. 1. separation from a main group to form a new group as a result of dis
    9·1 answer
  • Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maint
    15·1 answer
  • (tco b adjusting entries: unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. the records indicate cash receipts from
    9·1 answer
  • How much must be deposited today into the following account in order to have 35000
    14·1 answer
  • Suppose market demand for a product is given by the equation P = 20 – Q. For this market demand curve, marginal revenue is MR =
    12·1 answer
  • How effective do you think ads are in facilitating need recognition? Explain.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!