Suppose a technology company develops a cheaper way to get extract oil such that c = .1 instead of 0.25. If this technology is available to you before you make your extraction decisions and the price is $100 per barrel. What are your optimal extraction quantities?
ECON 456 San Diego State University Abman Spring 2023 Econ 456 – Problem Set 2 Instructions Answer the following practice questions. For full credit, you must show your work when asked. Partial credit may be given for incorrect answers with sensible work. You must upload your files to Canvas. Late assignments will receive no credit. […]