As the number of sellers in an oligopoly becomes very large, the quantity of output approaches the socially efficient quantity.
An Oligopoly is when there are few large firms operating in an industry.
Characteristics of an oligopoly:
- Firms set the price for their product
- Products are differentiated
- The demand curve is downward sloping
- There is a high barrier to entry and exit of firms into the industry.
As the number of firms increase in an oligopoly, the quantity and price approaches what would exist in a perfect competition. As the number of firms in an oligopoly decreases, the price and quantity produces approaches that would be exist in a monopoly.
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Answer:
a. $14.7 million
b. $15.7 million
Explanation:
a. The asset retirement obligation (rounded) that should be recognized at the beginning of the extraction activities is:
Present Value of Cash Flows Expected From the Project / Asset Retirement Obligation at the Beginning = (0.60*10 + .40*30) * PVIF(7%,3 Years)
=(0.60*10,000,000 + 0.40 * 30,000,000) * 0.81630
= (6,000,000 + 12,000,000) * 0.81630
= 18,000,000 * 0.81630
= $14.7 million
b. The asset retirement obligation (rounded) that should be reported on the balance sheet one year after activities begin is:
Asset Retirement Obligation One Year After = Present Value of Cash Flows Expected From the Project*(1+.07)
= 14,700,000 * (1+0.07)
= 14,700,000 * (1.07)
= $15.7 million
A ledger is a company's book for recording transactions. Usually referred to as an account book.
Answer:
Explanation:
The most successful hoteliers are savvy operators who continually look for ways to learn and improve the way they do things, gaining an edge over the competition. But only a small percentage of independent hoteliers use revenue management strategies and thus limit their revenue-generating potential.
