In the Figure,an Open Tank Contains a Layer of Oil

question 917

Short Answer

In the figure,an open tank contains a layer of oil floating on top of a layer of water (of density
1000 kg/m³)that is 3.0 m thick,as shown.What must be the thickness of the oil layer if the gauge pressure at the bottom of the tank is to be 5.0 × 10⁴ Pa? The density of the oil is 510 kg/m³.

Recognize the role of patents in establishing and maintaining monopoly power.

Apply the marginal cost equals marginal revenue principle to advise monopolists on production decisions.

Analyze how monopolies compare with competitive industries in terms of output and pricing.

Understand the concept of marginal revenue and its implications for monopoly pricing and output decisions.

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Definitions:

Marginal Cost

The extra cost associated with producing a further unit of a product or service.

Market Output

The total quantity of a good or service produced and sold by firms in a particular market.

Intertemporal Price Discrimination

A pricing strategy where prices are varied over time for the same product to exploit differences in willingness to pay.

Second-Degree Price Discrimination

A pricing strategy where prices vary according to the quantity consumed or the version of the product, without personal characteristics of the buyer influencing the price.