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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 872 |
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the marginal costs. AR and MR represent demand and corresponding marginal revenue curves of the OPEC as a whole. OPEC output OQ is divided among the partner countries as in diagram shown say three as Oq1, Oq2 & Oq3. The sum of these outputs equal OPEC output OQ by construction. Each of the country sells oil at an uniform price equal to OP which is determined in diagram part (d)...
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OPEC output OQ is divided among the partner countries as in diagram shown say three as Oq1, Oq2 & Oq3. The sum of these outputs equal OPEC output OQ by construction. Each of the country sells oil at an uniform price equal to OP which is determined in diagram part (d).
Though all countries sell at the same price their oil output and profits are different owing to factors of production...
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