Many small boats are made of fiberglass and a resin derived from crude oil. Suppose that the
Question:
Many small boats are made of fiberglass and a resin derived from crude oil. Suppose that the price of oil rises.
a. Using diagrams, show what happens to the cost curves of an individual boat-making firm and to the market supply curve.
b. What happens to the profits of boat makers in the short run? What happens to the number of boat makers in the long run?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
a As shown in Figure 3 the typical firms initial marginalcost curve is MC 1 and its averagetotalcost ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Many small boats are made of fiberglass, which is derived from crude oil. Suppose that the price of oil rises. a. Using diagrams show what happens to the cost curves of an individual boat-making firm...
-
Custom Vans, Inc., specializes in converting standard vans into campers. Depending on the amount of work and customizing to be done, the customizing can cost less than $1,000 to more than $5,000. In...
-
Fiberworks Company is a manufacturer of fiberglass toy boats. The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as possible. During...
-
16. Read each brief description of a project in the following table and classify its type according to the Obeng model (Fog, Quest, Movie, Paint by Numbers (PBN)). (5) Project Reduce the cost of...
-
Following the elastic collision in Problem 93, the energy of the recoiling mass is 8.0 J. Find the masses m and the spring constant k. mm
-
For each of the following items, circle either a or b. In some cases, both a and b may apply to you. You should decide which is more like you, even if it is only slightly more true. When I come up...
-
Figure P12.49 shows a piping system with frictional losses of \(h_{\mathrm{L} 1-2}=4.0 Q^{2}\), with \(h_{\mathrm{L} 1-2}\) in \(\mathrm{ft}\) and \(Q\) in \(\mathrm{gal} / \mathrm{min}\). The...
-
In 1999 Mercedes-Benz USA adopted a new pricing policy, which it called NFP (negotiation-free process), that sought to eliminate price negotiations between customers and new-car dealers. An article...
-
. What is a non-political socially-appropriate response to someone who is exhibiting prejudice? What are the responsibilities of a social psychology researcher when the researcher encounters...
-
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $1,300 of cash revenue. 2. Borrowed $2,700 cash from...
-
Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in a state income tax and 15.3 percent of your labor earnings in federal payroll taxes (employer and employee...
-
Suppose that each firm in a competitive industry has the following costs: Total cost:................TC 5 50 1 q2 Marginal cost: ...........MC = q where q is an individual firm's quantity produced....
-
In carbon compounds, the carbon atom can achieve an octet configuration in several ways. Draw the Lewis structure of a hydrocarbon compound in which: (a) Carbon is bonded via four single bonds to...
-
How does the process of catalytic reforming influence the molecular structure and octane rating of hydrocarbons in petroleum refining? Example
-
a) Consider a particle of mass m and charge e, accelerated from rest through an electric potential difference V. Assuming non-relativistic mechanics for the particle, what is the particle's final...
-
Consider the function Find the derivative of y with respect to . dy dx x - 3x+4
-
Darling Leasing is considering the lease to Major State University of a piece of equipment costing $350,000. The period of the lease will be 8 years. The equipment will be depreciated under MACRS...
-
Directions: Complete all answers on separate paper. Use pencil for all problems. Show the formula first and your calculations. You can check your answer with the financial calculator, but do not just...
-
(a) Count the number of electron states N(E) with energy equal to or less than E in Equation 35.8 by finding the volume available to such states in the space with Cartesian coordinate axes nx, ny,...
-
Draw a Feynman diagram for the reaction n + v p + .
-
Define real GDP and nominal GDP. Which is a better measure of economic well-being? Why?
-
Why should policymakers care about GDP?
-
List the four components of GDP. Give an example of each.
-
So I'm new to arduino, and I am working on a project for school and I was wondering if I am correct in my wiring and coding. The premise of the project is an automatic pet feeder. Basically, a pet...
-
Image transcription text Wind tunnel measurements of the pressure and skin friction around a NACA 2415 airfoil at 8 degrees angle of attack resulted in the following data of pressure and skin...
-
Image transcription text The following table contains load-extension data from a tensile test on a cylindrical specimen with gauge length 9mm and gauge diameter 5mm. Load-extension Data Load [KN] 0...
Study smarter with the SolutionInn App