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aleksley [76]
3 years ago
6

A large offshore oil field has attracted the interest of many oil drillers. The oil field is not owned by​ anyone, and any firm

that wants to drill for oil is free to do so. Any firm drilling for oil will be able to pump oil from the​ field, but as the number of drillers​ increases, the yield from each oil well decreases since they are all pumping from the same fixed stock of oil. The oil field is therefore a classic common property resource. The price of oil is ​$8282 per barrel. The private marginal cost of drilling and extracting oil from the oil field is MC​ = 3636 ​+ Q. The marginal social cost of extracting oil from the field is MSC​ = 4545 ​+ 1.21.2Q. In each case Q is the number of barrels of oil extracted in thousands of barrels per day. The socially efficient amount of oil to extract per day is nothing thousand barrels. ​(Enter your response as a real number rounded to two decimal​ places.) If entry to the oil field is​ unrestricted, the actual amount of oil that will be extracted per day is nothing thousand barrels. ​(Enter your response as a real number rounded to two decimal​ places.)
Business
1 answer:
serious [3.7K]3 years ago
4 0

Answer:

private:

Q =  46

P =   82

social welfare

public

Q =  38.33

P  =  38.33

Explanation:

First, we solve for the marignal revenue  P = 82

Revenue P x Q = 82Q

Marignal revenue 82

Now, we solve for the socially efficent outcome and the unrestricted market:

marginal cost = 36  + Q

marginal revenue = marignal cost

86 = 36 + Q =  50 social cost

<em><u>socially efficient:</u></em>

Marignal cost 45 + 1.2Q

82 = 45  +  1.2Q

Q = (82-45)/1.2 = 30,83

<em><u>If unrestricted:</u></em>

Marginal cost =  36+ 1.2Q

marginal revenue = 82

Maximization prift:

Q ?  82 = 45 + 1.2 Q =  38.33

P 38.33

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Answer and Explanation:

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6 0
4 years ago
Which of the following is a condition necessary to exclude an obligation from current liabilities? Entry field with incorrect an
lutik1710 [3]

Answer:

The answer is: Obligation that has a distant due date exceeding company's operating cycle.  

Explanation:

A current liability is a financial obligation due within one year (or one normal operation cycle).

So a financial obligation that has a due date that exceeds a company´s operating cycle should have been directly classified as a long term liability (or a non current liability) in the first place. It simply is not a current liability that is changed into a long term liability, it always was a long term liability.

The other options represent the steps necessary for turning a current liability into a long term liability.

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7 0
3 years ago
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Answer:

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8 0
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Andreas93 [3]

Answer:

Gain= $14,500

Explanation:

<u>First, we need to calculate the book value of the equipment:</u>

Book value= purchase price - accumulated depreciation

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Book value= $16,500

<u>If the selling price is higher than the book value, the company made a profit by selling the equipment.</u>

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