surprising ingenuity of the American shale-oil industry
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
surprising ingenuity of the American shale-oil industry
There are two parts to this assignment. In the first part, you will be explaining some of the concepts you learned about in the readings. In the second part, you will be performing calculations that apply economic models. This unit will also assess the Institutional Learning Outcome of Information Literacy.
- – Analytical Report
Write a short analytical report (4 pages) on how organizations with market power set the price of their product in a mass market in accordance with the prompt below. In this topic, you have to introduce different price strategies that involve price discrimination.
Go to the library and find and read the following articles.
Vara, V. (2017). How frackers beat OPEC: the surprising ingenuity of the American shale-oil industry–and its huge global consequences. The Atlantic, (1). 20.
Oil & gas firms call for extension of pricing freedom to existing fields. (2016). FRPT- Chemical Snapshot, 14-16.
Ford, N. (2016). Winners and losers in an era of cheap oil: the impact of low oil and gas prices varies from country to country but the effects are not as straightforward as might be expected. African Business, (431). 51.
You may also find helpful information at:http://www.economist.com/topics/oil-prices
The Organization of Petroleum Exporting Countries (OPEC) is a cartel that attempts to keep oil prices high by restricting output. As part of that process, each member nation is assigned a production quota; most members have nationalized their oil industry so that the government controls overall production. However, member nations routinely exceed their production targets. Explain why OPEC often has difficulty keeping output low and prices high.
Public utility companies (you may stay with the topic of oil/gas) customarily charge more to business customers than to residential customers. Discuss this price discrimination as it relates to gas and oil.
What kind of changes do you predict will impact the oil industry based on the following trends in new energy sources: fracking, hydrogen fuel cells, biomass or bio fuel, solar, or a break-through in car batteries for electric cars? What are these market types and how does that matter to the pricing and production of oil.
For all of the industries that you discuss in this paper, state which of the four market types that it is (Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly).
Ensure that you include Porter’s Five Forces Model in describing the pricing effects or strategies from these newer industries (or you may select one and discuss it in depth).
Use the template that is attached
Below is a recommended outline.
- Cover page (See APA Sample paper)
- Introduction
- Purpose of paper
- Thesis sentence
- Body (Cite sources using in-text citations.)
- Main point 1
- Example or evidence
- Evidence (support from the literature)
iii. Student’s original thoughts and ideas about the section’s content and a concluding thought
- Main point 2
- Example or evidence
- Evidence (support from the literature)
iii. Student’s original thoughts and ideas about the section’s content and a concluding thought
- Main point 3
- Example or evidence
- Evidence (support from the literature)
iii. Student’s original thoughts and ideas about the section’s content and a concluding thought
- Conclusion – Summary of main points
- Lessons Learned and Recommendations as needed
- References – List the references you cited in the text of your paper according to APA format.
- – Quantitative Analysis Case
Write a Quantitative Analysis report on the following problems:
- The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for product are assumed to be as follows: TC = 500,000 + 0.85Q + 0.015 Q2 Q = 14,166 – 16.6P
- Determine the short-run profit-maximizing price.
- Plot this information on a graph showing AC, AVC, MC, P, and MR.
- An amusement park, whose customer set is made up of two markets, adults, and children, has developed demand schedules as follows:
Price($)Quantity Adults Children 5 15 20 6 14 18 7 13 16 8 12 14 9 11 12 10 10 10 11 9 8 12 8 6 13 7 4 14 6 2 The marginal operating cost of each unit of quantity is $5. (Hint: Because marginal cost is a constant, so is average variable cost, Ignore fixed cost.). The owners of the amusement park want to maximize profits.
- Calculate the price, quantity, and profit if
- The amusement park charges a different price in each market
- The amusement park charges the same price in the two markets combined.
- Explain the difference in the profit realized under the two situations.
- (Mathematical solution) The demand schedules presented in Problem 2 can be expressed in equation form as follows (where subscript A refers to the adult market, subscript C to the market for children, and subscript T to the markets combined)
QA = 20 – PA QC = 30 – 2PC QT = 50 – 3PT
Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
Please submit your completed work
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. 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