OPEC,  the organization of petroleum exporting countries,  opted to keep its petroleum  (crude oil) output unchanged,  expressing confidence in the market despite global supply strains that kept prices high.    OPEC kept its production at 30 million barrels per day.  A.  Using the information above and the price and output decisions of a profit maximizing  firm,  explain how oligopolies can act like a monopoly.   B.  Suppose one of the OPEC members,  say Saudi Arabia,  “cheated” on its agreement and decided to  increase its production.   Explain using your understanding of revenue, costs and profits for a oligopoly firm,  what impact this increase in production would have on the petroleum market?   C.  Based on the event in B,  does demand or supply shift in the petroleum market?  In your answer you will want to clearly explain your shifts, direction and what happens to price and quantity as a result.  

  Price Qty Sold Total Revenue Marginal Revenue $ 20 3 18 5 16 7 14 10 12 15 10 30 The table above  shows the demand schedule facing Nina, a monopolist selling baskets of rare flowers that can only be found on her land. a)  Complete the table above with Total Revenue and Marginal Revenue at each output and price level b)  Suppose that Nina has a constant marginal cost of $11 per basket,  how many baskets should Nina sell to maximize her profit or minimize her losses c)  What is the source of Nina’s monopoly power?  Explain why Nina is protected from competition and a scenario whereby Nina could lose her monopoly power.   d) Based on the information given,  do we know if Nina is earning a profit?  Why or why not?

Answer the question on the basis of the accompanying demand schedule.   Price Qty D $ 7 1 6 2 5 3 4 4 3 5   The marginal revenue obtained from selling the third unit of output is

What can be found when a combination circuit has been reduced to a simple parallel circuit?

In series circuits, the _______ voltage is equal to the sum of the voltage drops across all the resistors.

parallel circuit.png To what can this circuit be reduced?

II. COMPRENSION B. Cierto o Falso. Indica si la frase es cierta o falsa. . (20 puntos 20X1). 20. “El almohadón de plumas” fue escrito por Jorge Luis Borges.

II. COMPRENSION B. Cierto o Falso. Indica si la frase es cierta o falsa. . (20 puntos 20X1). 4. En “El almohadón de plumas”, Alicia se enferma, empieza a tener alucinaciones y muere al final de la historia.

  Total Output Price Marginal Revenue Average Total Cost Marginal Cost 1 $ 100 $ 100 $ 100.00 $ 30 2 90 80 63.00 26 3 80 60 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 6 50 0 50.00 52 7 40 −20 52.29 66 8 30 −40 55.75 80 9 20 −60 60.67 100 10 10 −80 67.60 130   Refer to the data above for a nondiscriminating monopolist.  a)   What level of output should the monopolist produce?  Using the profit-maximizing rule for the firm to explain. b)  Is this monopolist earning profit?  Do all monopoly’s make a profit?  Why or why not? c)  Name an industry that the above table could apply to?  What could be the source of this firm’s monopoly power?  Explain why this type of firm can remain a monopoly.  

Combination circuit(4).jpg R1 = 15 Ω, R2 = 300 Ω, and R3 = 900 Ω, and 240 V is applied between A and B. What is the current flow through R1?